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Personal 

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\ i WS SUMMARY 


ThiTT 


appoints 

military 

chiefs 


Spain's Cabinet approved the 
appointment of three military 
divisional commanders in wider 
changes than expected. 

Madrid's commander will be 
Gen Ricardo Arozarena Giron. 
As Barcelona’s captain-general 
he was among -the first to side 
against rebels in the 1951 
attempted coup. 

Gen J. A. Saenz de Santamaria 
took command of Barcelona. Ge 
commanded the national police 
and is a staunch supporter of 
democracy. Gen Luis Brnilla 
will command Valladolid. 

Gaza deaths 

Two Palestinians were killed 
and 40 wounded by .Israeli 
troops in the Gaza Strip. Israel’s 
Premier Begin appeared opti- 
mistic that withdrawal from 
Sinai would prqpeed on April 
25. Page 2 

Pressmen missing 

Three UK journalists— Simon 
Winchester of the Sunday Times 
end Ian Mather and Tony Prime 
of The Observer— are believed 
missing in Argentina. 

More home loans ! 

Building society : lending in 
March rose, ' . The. ' - societies 
advanced £l.(Wbn to home- 
buyers and committed them- 
■ selves to lending £1.49bn. Page 3 

Mellish decision 

Labour MP Bob Mellish will 
resign his Southwark Bermond- 
sey seat this year. Page 3 

Swapo raid 

Teh South-West Africa People’s 
Organisation guerrillas and six 
defence force soldiers were 
killed, as 100 black nationalists 
continued to penetrate 75 miles 
Into a white faming aiva near 
Tsumcb, Namibia. 

Policeman dies 

Ulster police sergeant David 
Brown, 35. died 16 days after 
being ambushed by IRA gunmen 
in Belfast. 

Press link cut 

Links with Singapore’s Straits 
Times Lire up were severed by 
the 'Melbourne group Herald 
and Weekly Tunes. The move is 
because of the appointment as 
Straits Times executive chair- 
man of a former Singapore 
Intelligence chief who retired, 
.aged 57, as Foreign Ministry 
Permanent Secretary. 

Wimbledon hope 

Wimblcuon officials still hope 
Bjorn Borg wilt change his 
mind and not miss this year’s 
championships ralhor than play 
in Ibe cjuaiUji tbg toumamenL 

Quebec call 

Three hours after the Queen's 
arrival in Canada. Quebec 
Premier Reno Levesque called 
for independence for the 
province. 

Mitterrand pledge 

President Mitterrand told 
Japan"* parliament France could 
not give up its defensive nuclear 
weapons. I ■'ranee and Japan 
closer on ivdmalosy, Page - 

Brief iy . . . 

Brunova! raid's 40 th anniversary 
will be marked there on June 20 
in ceremonies attended by 
Prince Charles and President 
Mitterrand. . 

Peasant aged 140, who said he 
worked on Bagamoya slave 
caravans, died in Tanzania. 


TmTlTS 


steadier; 
£ still 
nervous 


• EQUITIES finished on an 
extremely quiet but steadier 
note, helped by rumours of a 


'FT Industrial 
Ordinary 
Index 


■mctale I. 

V 1 i, 1. 

t April 1982 

solution to the Falklands crisis. 
The FT 30-share index dosed 
5.9 higher at 550.7. Page 28 

• GILTS tended easier, but 
losses were pared in late deal- 
ing. Hie FT Government 
Securities index dosed 0.09 
lower at 65.50. Page 28 

• STERLING fluctuated to 
dose at SL761 ($1,762). It was 
unchanged at FFr 1L09& hut 
slipped to DM4JJ675 (DU 
43785, and r SwFcSAS - (SwFt 
3.4825). Its trade-weighted index 
was 90^ <89.9). Page 27 

• DOLLAR dosed at DM2.4215 
(DM2.4235), SwFr 1.976 (SwFr 
L975) and Y247.7 (Y248.25). Its 
Index slipped to IUk3 (116.5). 
Page 27 

• GOLD fell 75 cents to $362£ 
in London. Page 27 . 

9 WALL STREET was 3.43 
higher at 843.04 shortly before 
the dose. Page 24 

• FRENCH EMPLOYERS have 
been awarded substantial con- 
cessions by Prime Minister 
Pierre Mauroy in an effort to 
stimulate investment and win 
the backing of private industry. 
Back Page 

• PORTUGAL has been told by 
M Gaston Thorn, president of 
the EEC Commission, that it 
must work very hard if it wants 
to join the Community by 1984. 
Page 3 

• INDIA’S critical shortage of 
foreign currency is being eased 
by the IMF, which is allowing 
an early drawing on its credit. 
Back Page 

• EMPLOYERS do not think 
the closed shop in industry 
damages the economy, accord- 
ing to Mr David Waddington, 
Under-Secretary of State for 
Employment Page 4 

• ITALIAN net industrial pro- 
duction fell 2.3 per cent in 1981 
according to statistics issued in 
Rome. 

• BOSKAUS WESTMINSTER, 
the Dutch contracting group, 
reported a sharp fan in 1981 
net profit to FI 20.4m (£4.Sm) 
from FI 5L5m in 1980 despite 
higher turnover. Age 25 

• PIRELLI, the Italian tyre 
and cable group, has announced 
a sweeping reorganisation to 
unify its international manage- 
ment a year after its separation 
from. Dunlop. Page 25 

• REFUGE ASSURANCE is 
making an agreed bid of £13-8m 
to acquire over 5m shares of 
General and Commercial Invest- 
ment Trust. Page 22 

« NORTHERN FOODS is buy- 
ing for £lJ575m the pie, flan 
and sausage business of FCtt, 
the meat processing group, 
page 4. 


Hopes improve for 
U.S. peace efforts 


BY JIMMY BURNS AND ANDREW WHITLEY IN BUENQ5 AIKS 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise indicated) 


RISES 

Ca woods 280 + 17 

Channel Tunnel ... 95 + 10 

On. & CumcL lav. 240 + 16 

15EU 505 + 33 

RKN ‘ 157 + 4 

Hawker Kiddcley ... 29f» + 6 
Land Securities ... 275 + 6 

Mixconcrcte 99 + s 

TVarvm Lencman... 38- + 9 

P . & O. Detd 131 + 5 

Plessey : 367 + < 

Ruberoiii H2 +* 7- 


St, George’s Group 116 + 5 

Thorn EMI 427+1 

Candecca 185 + 7 

Carlcss Capel ITS + 15 

RTZ 424 + 5 

Transv'l Cons. Lnd. £21* + 11 

FALLS 

Currys 168 — 6 

Redland Hi "■ i 4 

Refuge Assurance .220 -8 
Walmoughs 15- - B 

LASMO 312 - 11 

Moray Firth l? 6 


U.S. EFFORTS to avert war be- 
tween Britain and Argentina 
over the Falkland Islands ap- 
pear to have taken on a new 
lease of life. 

Indications of possible pro- 
gress came yesterday when it 
was learned that Gen Leopoldo 
Galtieri, the Argentine Presi- 
dent told President Ronald 
Reagan on Thursday night that 
Argentina wanted a peaceful 
settlement of the two-week 
crisis. 

He said it should be based on 
Britain’s United Nations resolu- 
tion calling for withdrawal of 
Argentina's occupation forces 
ana an end to hostilities. 

Gen Galtieri’s offer came only 
hours before the return to 
Buenos Aires of Mr Alexander 
Haig, U.S. Secretary of State, 
for what was expected to be a 
crucial leg of his shuttle peace 
mission. 

Yesterday’s talks between. Mr 
Haig and Gen Galtieri took place 
against a background of the 
sailing of the Argentine fleet, 
which threatened a’ possible 
clash with the approaching 
British task force already in 
the South Atlantic. 

Elements of the Royal Navy 
fleet were seen yesterday off 


Ascension Island, 3,500 from the 
Falklands. 

After an early morning meet- 
ing with Gen Gal peri, described 
by a spokesman as “frank and 
useful," -the Argentine and U.S. 
teams got down to working out 
details of a framework agree- 
ment to be taken to London, 
possibly over the weekend. ' 

The package Likely to be put 
speedily to Mrs Margaret 
Thatcher is expected to include 
a proposal for a tripartite group 
to administer the islands tem- 
porarily. 

It was suggested here yester- 
day that these could Involve 
British, U.S., and Argentine 
officials, though in the past 
Britain has resisted this idea. 

The package may recommend 
replacement of Argentine 
troops on the island by a third- 
party peacekeeping force. 

Such a package would be 
aimed at preparing the ground 
for a longer-term agreement on 
the crucial tissue of sovereignty 
and the permanent administra- 
tion of the islands 

It would leave open for fur- 
ther discussion the participation 
of the islands in such an 
administration, and how they 
would exercise their right to 


self-determination. 

Yesterday afternoon Mr Haig 
was expected to return to the 
Argentine Foreign Ministry for 
further meetings with Sr 
Nicanor Costa Mendez, the 
Argentine Foreign Minister. 

When he arrived in Buenos 
Aires Mr Haigb called for a 
“ supreme effort " and for 
“great flexibility on both sides." 

Sr Costa Mendez sinyjly said 
he was more optimistic than on 
the previous day. 

How long the U.S. team will 
stay in Buenos Aires is still 
undecided, though one report 
suggested that Mr Haig might 
fly overnight to London if 
sufficient progress was made. 

Differences are believed to 
have emerged within the Argen- 
tine armed forces this week 
over the wisdom of a military 
confrontation with Britain. 

There was growing apprehen- 
sion that an extension of the 
conflict could lead to a long- 
term Soviet gain in the region. 

Pressure on Gen. Galtieri to 
adopt a more conciliatory 
Continued on Back Page 
Falkland news. Page 2 

Editorial comment. Page 20 

Clash of two navies. Page 20 


Workers at Massey Ferguson 
tractor plant vote to end strike 


BY ARTHUR SMITH, MIDLAND CORRESPONDENT 


WORKERS at Massey Ferguson’s ' 
Coventry tractor plant voted 
overwhelmingly yesterday to 
end their damaging strike after 
the company offered to with- 
draw compulsory redundancy 
notices. 

The dispute, which cost £10m 
in lost production, has drawn 
repeated warnings from the 
management that the future of 
the company was at risk. 

Shop stewards who called 
yesterday’s mass meeting to 
urge continuation of the strike 
instead recommended an agree- 
ment thrashed out in more than 
eight hours of talks with the 
management But there was a 
dispute last night over the 
exact terms of the deal. 

Mr Jimmy Dunn, the con- 
venor, reported to the meeting 
that the militant action had 
saved 111 jobs. He said that the 
company had merely accepted 
broad proposals put forward by 
the unions before the dispute 
beean. 

Massey Ferguson disagreed, 
however. It claimed that dis- 
missal notices had been lifted 
on 111 workers because volun- 
teers for redundancy had come 


forward from other parts of the 
factory. 

The company had successfully 
achieved the planned ait of 
475 jobs necessary to make the 
plant internationally competi- 
tive. . 

The 3,300 manual workers 
walked out more than two weeks 
ago when the company imple- 
mented compulsory redundan- 
cies for the first time. The 
unions, which insisted that work 
sharing was an alternative, 
barricaded the gates to the plant 
and prevented entry of the 700 
staff. 

Throughout the strike, the 
company has seen volunteers as 
the way to defuse the confron- 
tation and has taken accommo- 
dation in a Coventry hoteL to 
deal with applications. 

Coventry union officials, while 
uncertain about the details of 
tbe deal, saw the outcome as 
“ a significant victory " after a 
succession of reverses 

Mr George Getlevog, Coven- 
try district organiser of the 
Transport and General Workers 
Union .said at least the workers v 
had stood firm to resist compul- 
sory redundancies. “The com- 


pany has merely copied every- 
thing done so successfully by 
Sir Michael Edwardes, the BL 
chairman. But it has backfired. 
As the strike has gone on. wor- 
ker's have been more deter- 
mined to stay out,” he said. 

’.He pointed to management 
letters to workers warning that 
work-would be transferred to 
overseas plants, the doubts cast 
upon the . motives of shop 
stewards, and the decision to 
conduct a secret postal ballot 
under tbe auspices of the 
Electoral Reform Society. 

‘This has bred an attitude of 
defiance. If the company , wants 
to play It that way, we have 
nothing to lose and will take 
them on.” Mr Getlevog said. 

Union leaders concede such a 
mood is surprising, given the 
record unemployment In 
Coventry approaching 16 per : 
cent and company warnings j 
that at least 4,000 jobs in the 
city are at risk. 

Massey Ferguson emphasised 
last night the importance of a ' 
resumption of work in order to I 
restore confidence in the 
efficiency and reliability of the 
Coventry plant 


Redland bids for Cawoods 


BY RAY KAOGHAN 

REDLAND emerged yesterday 
as the bidder for Cawoods 
Holdings and has agreed share 
terms which currently value 
the fuel distribution and build- 
ing materials' group at £137.5m. 

But the bidder is not taking 
on one of Cawood’s principal 
assets, a holding in LASMO. 
and the 9.1 per cent stake in 
the oil and gas exploration and 
production group which is 
worth £20. 5m can be retained 
by Cawood Storehriders. 

The proposed deal is very 
much the creation of Baring 
Brothers, the longstanding 
merchant banking advisor to 
both Redland and Cawoods. 
Redland has. now engaged 
Morgan Grenfell to conduct its 
offer. But its former advisor 
proposed the idea first to Mr 
Edward Sinks, the chairman 
and chief executive of Cawoods, 
before inviting Redland, the 
roofing tiles, aggregates and 
day bricks group, "to see if 
we wanted to talk,”. Mr Colin 
Corness, Redlamfs chairman. 


said yesterday. 

Baring’s plan fell on fertile 
ground. Mr Binks, aged 69. 
had, he said, “come to tile con- 
clusion some time ago that if 
a suitable predator or marriage 
partner came along, this was 
the time to accept iL" Cawoods. 
he said, had reached the point 
“ where major opportunities 
for expansion could more 
readily be taken as a member 
of a larger group.” 

Talks with Ultramar, the oil 
producer, broke down a year 
ago. Cawoods had also looked 
at Blue Circle Industries' aggre- 
gates business, finally acquired 
for £37. 6m this week by Amey 
Road stone. Its approach to 
Hoveringham Gravel, presented 
jointly with KMC, was topped 
by a bid from Tarmac. 

Mr Corness said that, at first 
sight, the LASMO stake added 
too many complications, but the 
bidder was now “ allowing the 
energy stake to pass through 
our bands.” 

Cawoods insisted that its own 


shareholders be given an oppor- 
tunity to retain their interest 
in LASMO and. for Redland’s 
part, Mr Corness said, “We 
were certainly not prepared to 
pay a premium to hold a slake 
in a company which we could 
buy through the market” 

The proposed deal has not yet 
been taken to the Office of Fair , 
Trading although tbe two com- 
panies are now preparing in- 
formation for the department 
Redland is not involved in 
fuel distribution which is , 
Ca wood's core business, con- 
tributing just over half its 
£13.5m profit before tax in the 
year to March and a major force 
in the rise to £16.4m in the 
financial year just ended. 

Coal and oil distribution will 
give Redland a fourth division, 
the bidder stated, which -would 
not only counter the building 
industry’s weakness through a 
harsh winter but would add a 
strong cash flow business. 

Bids and Deals. Page 22 
Lex. Back Page 


CONTENTS 


Appointments k__* 

Arts — — . 

Books P*8» 

Oasa — 

Collecting ........ 

Conunodib’ea 

Company Nows ... 

Contracts 

Crossword — 
Economic Diary ... 
Entertain. Cuids ... 
European Option* 
Finance A Family 
FT Actuaries ...... 


Foreign Exchange* 

Gertfeniog — - 

How to Spent! It — 
Inti. Co. Ntms ... 

Leader — 

Left*** ... 

Lex 

London Options ... 
Man in the New* 

Minins 

Money Markets .- 

Motoring 

Overseas News ... 

Property 

Racing 


37 Sham Information 30, 31 

■» Sport 19 

17 SE WsaFs Deals. 23 

35 Stock Markets-. 

20 London 28 

20 WaH Street 24 

32 Botmee 24 

28 Trowel 16 

32 TV and Radio ... 18 

S UK Sms: 

27 General 3.4 

16 L a bo ur 4 

2 Unit Trusts: 

IS A u tho ris ed ..._ 27 

*» Others 23 


Weather 32 

Your Savings/lrw. 7 

Week In the Mkts. 5 

Base Lending Rates 2 

Building See. Rates 5 

Local Authy. Bds. 23 

ANNUAL STATEMENTS 

Alcoa • 7 

Britannia Arrow ... $ 

INTERIM STATEUSn- 

Def ta Ipv. 23 

offers FOR SALE 
Save and Prosper 1 

Tyndall 7 


Bank acts 
on interest 
rates 

. By William Hall and John Moore 

THE BANK of F.pgtend acted 
to stem a further rise in. short- 
term interest rates yesterday at 
the end of a nervous week in 
the finannial markets which 
have been overshadowed by the 
political uncertainties of the 
Falkland Islands crisis. 

Short-term interest rates rose 
sharply in the London money 
market yesterday morning 
forcing the Bank of England to 

13^1 ^1-80 

Stating 7-day 
, . feterfcaflJt Rate %2 

^ \ ! 

132 'XV **78 

\i Stefiifl : 


/ 


I APRIL 1982 \ 

step in and prevent any signi- 
ficant rise in interest rates. 

During its money market 
operations in the morning it cut 
its minimum intervention rate 
for the shortest paper it buys, 
known as Band 1 bills, by i of 
a per cent — tbe first reduction 
since early March. 

In addition, after lunch it 
took the unusual step off “cut- 
ting thet op off” the weekly 
Treasury bill tender and reduc- 
ing the amount of paper it 
issued. Although the discount 
houses bid for £256m of the 
£100m bills on offer, the Bank 
only allotted £60m, presumably 
because ItfiM .not like the rates 
offered by the' discount houses. 

. It is rare for the Bank not 
to issue all the bills -it offers 
and the market interpreted the 
move as an effort to stabilise 
the nervous money markets. The 
initiative appeared to work and 
Continued on Back Page 
Lex, Baek Page 

£ in New York 

— [ April 15 I Previous 


Spot [SI. 7610-7626 $1.7646-7660 
1 month |034-0.3B pm [ 0.38-0 JH pm 
3 months. 1 0.700.84 pm [ 0.7841.83 pm 
18 monthsj2.35-2.45 pm 1 2.45-8.66 pm 


Health service 


major pay 


BY I VO DAWbtAY. LABOUR STAFF 


THE PROSPECT of a major 
pay battle between the Govern- 
ment and health service workers 
grew yesterday when the 
National Union of Public Em- 
ployees’ executive voted unani- 
mously to recommend industrial 
action to its 300,000 NHS 
members. 

The decision follows tbe 
announcement on Tuesday that 
the 230.000-strong Confedera- 
tion of Health Service Employ- 
ees, will take sanctions, includ- 
ing a ban on non-emergency 
admissions, from April 26. 

Local branches of Nupe are 
expected to back their execu- 
tive's recommendation within a 

fortnight 

The. growing militancy in the 
health service comes after the 
breakdown of talks with man- 
agement over a 12 per cent pay 
claim put jointly by all 14 NHS 
iimiifmg at meetings of the 
National Whitley Council. 

The employers remain ada- 
mant that they cannot improve 
their offer of 6.4 per cent for 
nurses and 4 per cent for ancil- 
lary workers and other groups. 
They have also refused to allow 
the 12 per cent claim to go to 
independent arbitration. 

Other health service unions 
are expected to hack industrial 
action, after the big response 
to a one-hour national stoppage 
called by tile TUC’s" health 
services committee on Wednes- 
day. 

However, Mr Norman Fowler, 
the Social Services Secretary, 


said Ihis week the unions’ claim 
was “ unrealistic." Jobs would 
be lost if a higher settlement 
was agreed, he added. 

The Government s rigidity has 
angered ihe unions because 
some public secrur pay settle- 
ments have exceeded the 4 per 
cent limit In addition, the civil 
servants' and teachers' claims 
have been allowed to go to 
arbitration. 

The unions believe the 
£S1.9m addition to the budget 
for health service pay, made 
last month, is an attempt to 
isolate, the more militant ancil- 
lary workers from the public 
support enjoyed by non-striking 
nurses. The vast majority of 
the extra cash will go to 
Britain's 450,000 nurses. 

Mr Alan Fisher, Nupe's 
general secretary, said the form 
of industrial action would he 
decided after consultations with 
members and the TUC's health 
services committee. But it could 
include strike action. 

“The outcome will be 
hospitals dealing with 
emergency cases only and it will 
Inevitably slow down the health 
service and bring it to a stop,” 
he warned. 

Mr Fisher said the Govern- 
ment had brought the action on 
itself by refusing to take '' the 
only honourable course ’’ of 
allowing the claims to go to 
arbitration. 

He said some health workers 
would get only 79p extra in take 
home pay each week, if they 
accepted a 4 per cent rise. 


Chloride Gaedor to dose 
or sell 49 depots 


BY DUNCAN CAMPSeU SMJTH 
CHLORIDE GAEDOR’S 
nationwide chain of electrical 
accessory depots for the 
motor trade is to be cut in a 
drastic reorganisation by the 
parent Chloride group, one of 
Britain’s major battery manu- 
facturers. 

Chloride intends to dose or 
sell .49 of its 70 depots — some 
of which have serviced 
motorists as well as the trade. 

Sales of one or more depots 
to their management are 
under discussion. Chloride 
said some key suppliers had 
also expressed interest in the 


chain, which has lost over 
£2m in the past 12 months. 

The groap made dear 
yesterday that the level of 
redundancies would depend 
on the outcome of the sales 
talks. The chain has 850 
workers but only 100 uiil be 
employed in tbe 21 depots 
Chloride will retain. 

These 21 will be restricted 
to the wholesale' distribution 
of Exidc batteries the 
largest of tbe group's three 
automotive battery makes . 
and a national brand leader. 

Continued on Back Page 


PROFIT FROM 
CHANGIN* 
FINANCIAL SC 


Major ciiaiig^ in the U.S. 
banking system are now 


5§llgf/ 


profitable returns to investors. 

Until now; American banlshave not been, 
allowed to opegate across state boundaries. If this 
restriction is lifted, thenalaigeiiumberaf 
takeovers couldbe expected amongst the 15,000 
Tranks airienity operating in the A. This ia 

tom wouH bring imm^^ 
to shareholders. 

Save &Prosper Financial Secnrities 
Fund invests in financial abares, currently with. 
jartinilar emphasis oasmaller Americaabaribs 
■which tbe Managers bdieve will be tbe subject 

of numerous takeover acUvides.Tbpurcfaase 
units complete and return the coupon, together 
■with your cheque. 

The price nf nmfa anr j ffop fflmrnp fro m fhpm 
may go down as we31^ up. 


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made woiuii? days oi cur reoer.'.n.; roomcKcd 
ceitificSeE.ThePKu , p!i»«:34lj April IftEwas 
jcarpasdtbecstinaud qv.icld was 

256% pa.The prices md twJs an: <?aeied daBritl 
ti» DzIlS Tekgraph and Famv''wil Tjcv^ . 

Net income dfeujbtajtaslfdbjjtcary act 
35th July each yfftr. 

Charges Initial ttiar^e oift pins rmn&jg 
adftsiaent no; excw&ig the lower of lAoel^p 
per maLSancneHiiiiG in rat* avaHable to 
request! win be paid arborised pnnessinrf 
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Traded options Subject tu eerfain raot&Jans, 

MnakainashfwitilKanydfarthcFtmdloiiealfa 
traded options OBitcfigaised qplkms or aocfc 
exchanges. 

SnfrgnwriaTbetreaSsag^arianbytlie 
5amaiy of Sateibr Trade. 
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Managers Sesrfi Pxxpz Securities Ltd, 
4 Graa&.Hete 3 s. London EC3P3EP.Tefc 01-5M 

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TAKE ADVANTAGE TODAY 

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For latest Share 7ades p hme 01-246 8026 









2 


Financial Times .Satnrdaj;. Agril IT 1982 


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OVERSEAS NEWS 




S. Africa 
plans R5bn 
power 
projects 


By Bernard Simon in 
Johannesburg 


SOUTH AFRICA'S Electricity 
Supply Commission has 
announced four projects to 
expand its generating capacity 
by almost 10,000 megawatts at 
a cost of over R5bn (£2.8bn). 

The projects include two new 
coal-fired power stations, each 
with a capacity of 3.600 MW. 
a 400-MW pump storage scheme 
which will also improve Cape 
Town’s water supply, and a 
1.800 MW extension to the 
Lethabo Power Station, at 
’present under construction. 

One of the new power stations 
will be sited in the south- 
eastern Transvaal, and the other 
in the northern Orange Free 
State, south of Vereeniging. 

Anglo-American Coal Corpor- 
ation and Transvaal Consoli- 
dated Lands, a subsidiary of 
Barlow Rand, have been 
awarded contracts to supply 
coal to the two plants, and each 
will build a new colliery. 


Mugabe names 


new Ministers 

By Our Salisbury Correspondent 


ON THE eve of the second 
anniversary of Zimbabwe’s in- 
dependence, Mr Robert Mugabe, 
the Prime Minister, has an- 
nounced new Cabinet appoint- 
ments designed to win support 
from the country’s 175,000 
whites and the Zapu -political 
party led by Mr Joshua Nkorno. 

The new appointments in- 
clude full Cabinet rank for 
three Nkorno (Zapu) supporters 
and one white. Mr Chris Ander- 
son, a former lan Smith 
Cabinet Minister-, has been ap- 
pointed Minister of State in the 
Prime Minister’s Office with 
special responsibility for the 
public service. 

Another former supporter of 
Mr Smith — Mr John Landau — 
has been made Deputy Minister 
for Trade and Commerce. 

Dr Calistas Ndlovu, a sup- 
porter of Mr Nkorno, has been 
made Minister of Construction. 
Mr Cephas Msipa, formerly De- 
puty Minister of Manpower, has 
been promoted to the full 
Cabinet position of Minister of 
Water Resources and Develop- 
ment. 

Mr John Nkorno (no relation 
of Mr Joshua Nkorno) has been 
made Minister of State in the 
office of the Premier. 


France and Japan move 
closer on technology 


BY RICHARD C HANSON IN TOKYO 


FRANCE . and Japan have 
moved toward closer ties in a 
broad range of scientific, tech- 
nological and cultural matters. 
The historic state visit of 
M Francois Mitterrand, the 
French President, this week 
appears to -have produced only 
“friendly gestures ” in rhe 
strained area of bilateral trade. 

M Mitterrand wound up the 
first port of the visit, rhe In- 
augural official trip by a French 
bead of state, saying at a Press 
conference that France and 
Japan were “ partners before 
competitors." He warned that 
if Japan did nothing to re- 
duce its large trade surplus with 
Europe “ barriers " wiH be put 
up- 

On the other hand, the Pre- 


sident said the responsibility 
for France increasing its pre- 
sence in Japan lies “primarily 
with the French, Really we 
don’t know much about Japan," 
he said candidly. 

The assessment in. Japan is 
that the most 'important result 
of the talks held between the 
two leaders and four Ministers, 
on each side was that France 
has shown a much greater 
interest in closer bilateral rela- 
tions than in the past. 

The French are especially 
keen on joint technology and 
science development in such 
fields as nuclear -power, Bfe 
sciences and new materials. The 
two sides have already agreed 
to cooperate on joint explora- 
tion of tbe sea bed around 


Japan, starting in 1984,- a long , 
discussed project It is not yet 
dear, however, how many new 
projects may get under way. 

In order to bolster cultural 
exchanges,, each government 
agreed' to- build a cultural 
centre In the other’s country. 
M Mitterrand said that study 
of the Japanese language would 
be emphasised in France. 

• On the trade front neither 
side was quite as effusive, but 
on balance, each appeared an- 
xoius to avoid direct dishes. 

Japan offered to cut the tar- 
iff on brandy by roughly the 
same 10 per cent allowed for 
imported whisky in an earlier 
package of tariff reductions. 
France diplomatically shifted a 
demand for imports of a special 



President Francois Mitterrand (right) and Japan’s Prime 
Minister, Mr. Zeako Snzofcf meet for talks. 


type of restricted wheat flour 
used in making French bread. 


- The Japanese Government ex- 
pressed its “ hope " that major 
French products, such, as heli- 
copters and airbuses, will be 


considered for purchase by the 
private sector in' Japan, 

M Mitterrand today will tour 
a Japanese Government science 
and technology centre outside 
Tokyo, in Tsukuba. 


Honda and Peugeot subsidiary sign two pacts 


BY YOKO SHIBATA IN TOKYO 


HONDA MOTOR, the world's 
largest motorcycle manufac- 
turer, and Cycles Peugeot a 
subsidiary of France's- Peugeot 
motor group, have signed two 
final agreements on two^wheeled 
motor vehicles (mopeds and 
scooters), Honda said yesterday. 

Under the first; Cycles 
Peugeot will undertake the 
manufacturing of two types of 
two-stroke engines for use in 


Honda mopeds being assembled 
at the Honda Benelux plant in 
■Belgium. 

The significance of the agree- 
ment is the increase in the ' 
provision of locally-supplied 
components in Honda's Benelux 
mopeds by shifting production 
sources of moped engines from 
Japan to France. 


Cycles Peugeot will start 


making one of the two types of 
engine in November for Honda’s 
PX-50 mopeds. Production of 
the other engine, which is still 
being developed by Honda, is 
expected to- begin next Febru- 
ary to be mounted on a new 
model to be manufactured by 
the Honda Benelux plant 
Some- 50,000 engines will be 
supplied annually by the 
French company. 


The main feature of the 
second agreement is that Cycles 
Peugeot will produce a scooter 
with either 50 cc or 80 cc 
engines, all under licence from 
Honda. They will be' marketed 
In Europe under. Cycles 
Peugeot’s brand . name through 
Cycles Peugeot's sales networks. 


production target of 20,000 
units. Honda will export its 
own scooters to Europe, but it 
hopes eventually to assemble 
them at Honda's Benelux plant 
in Belgium with engines pur- 
chased from Cycles Peugeot 


Production is scheduled for 
spring 1983. with an annual 


Mr William Desazars, execu- 
tive vice-president of Cycles 
Peugeot, said the agreement 
followed 14 months of talks. 


Ford raises car prices in 
West Germany by 3.9% 


BY KEVIN DONE IN FRANKFURT 


FORD-WERKE, the West 
German subsidiary of Ford of 
the U.S., has followed the mar- 
ket leaders Volkswagen and 
Opel by imposing its second 
round of price increases in less 
than four months. 

All three volume car makers 
have suffered from plunging 
profits in the last two years — 
Opel announced earlier this 
week an after-tax loss of DM 
592.8m. (£137. 6m) for 1981 — 
caused partly by tbe recession 
in the domestic car market. 

The rises, which follow 
national wage settlements in 
the car industry and sharply 
rising steel prices, have been 
imposed- despite the fact’ that- 
many car dealers are still offer- 
ing considerable discounts. 


Ford said yesterday that it is 
raising its car prices by an aver- 
age of 3.9 per cent Its last price 
increase of 1.9 per cent came 
into effect on January 2. 

Despite opposition from its 
workforce, Volkswagen has 
raised its prices twice in the 
last four months — by 22 per 
cent in December and 3.9 per 
cent at the end of March. Opel 
followed suit this week with a 
price rise of 3.8 per cent after 
an increase of 2.5 per. cent in 
January. 

The price rises have been 
pushed through despite the de- 
pressed state of the domestic 
car market. New -car registra- 
tions dropped by 3.4) per cent 
to 2.33m last year following a 
drop of 7.5 per cent in 1980. 


Gandhi visits 
Saudi Arabia 


Prime Minister Indira Gandhi 
leaves today at the head of a 
high-powered Indian delega- 
tion for a four-day visit to 
Saudi Arabia in a bid both 
for large investments and to 
obtain Arab political support 
fbr India’s role in south Asia. 
Mrs Gandhi is also hoping 
that the Saudis will not back 
Pakistan’s efforts to rearm. - 
At present. Saudi invest- 
ment in India Is .marginal 
while Indian firms have only 
a negligible role In Saudi 
Arabia’s development plans 
because of that country's pre- 
ference for the West and 
Japan. The Indians have con- 
crete plans for investments’ 
including civil construction . 
projects In India and Saudi ; 
Arabia. - • ; . > 


Sharp fall in U.S. 
corporate profits 


BY ANATOLE KALETSKY IN WASHINGTON 


PROFITS OF U.S. industrial 
and financial corporations fell 
sharply in the last quarter of 
1981 to a seasonally adjusted 
annual rate of $177.6bn 
(£100.8bn)- after stock and 
depreciation adjustments. 


Profits for 1981 as a Whole 


were $191.7bn, slightly higher 
ireofS- 


than the 1980 figure of $182.7bn, 
after stock adjustments and 
depreciation. 


Statistics on corporate profits 
released yesterday by the Com- 
merce Department. showed that 
profits in the fourth -quarter of 
last year were ‘.scanewhat ■lower 
than the. preliminary estimates 
issued a month ago, .. - 


The breakdown by indus- 
tries showed that manufactur- 
ing corporations suffered a 
decline of $17.1bn in profits 
between the third and fourth 
quarters, with petroleum, metal 
industries and consumer dur- 
ables hardest hit Motor manu- 
facturers’ losses were somewhat 
smaller in the fourth quarter 
than in the third quarter of last 
year. 

Profits of financial corpora- 
tions decreased by S0.5bn 
between the third and fourth 
quarters, compared with a fail 
; of $1.8bn in the third quarter. 
Most of the fall was. due . to 
large losses by' the savings and 
Joan associations. 


Israelis kill two 


and wound 40 
in Gaza Strip 


BY PATRICK COCK BURN IN JERUSALEM 


TWO PALESTINIANS, one a 
boy, were killed, and at least 40 
wounded by Israeli soldiers m 
the Gaza strip yesterday in con- 
tinuing protests over the Easter 
Sunday shooting on the Temple 
Mount. 

In Jerusalem there .was heavy 
security in the old city to ensure 
that Friday prayers in AI-Afcsa 
mosque on the Temple Mount 
passed off peacefully. Lines of 
police and soldiers turned away 
all those under 30 years of age 
seeking to enter the precincts of 
the mosque. Only 2,000 were 
able to attend the prayers, com- 
pared with a n omal , congrega- 
tion. of about 10,000. 

Israeli troops had taken up 
positions in buildings overlook- 
ing the Temple Mount area, 
where only Moslems are allowed 
to worship. Lines of poli ce i n 
white riot helmets and carrying 
long batons kept out most of 
those who had come to pray 
and the prayer leader was 
warned against delivering an In- 
flammatory ^speech.. 

In Jerusalem, the Gaza Strip 
and the West Bank, almost all 
shops and businesses remain, 
closed, obeying the call for a 
sevetHlay strike made by the 
local ' Islamic Higher Council 
after. Sunday’s shooting. 

The authorities now confirm 
that one ol the two Palestinians 
shot dead last Sunday was not 
killed by Alan Goodman, an 
Israeli soldier of American 
origin. This is evidence • for 
claims by Moslem leaders that, 
in addition to Goodman, other 
armed Jewish extremists took 
part in the shooting. The Israeli 
army has also come under criti- 
cism for Indiscriminate firing 
while breaking up the demon- 
stration which followed Good- 
man's arrest 

The Israeli army has also 
been stacked for its actions in 
trying to suppress tbe strike in 
the Golan Heights by 13,000 
villagers, members of the 
heterodox Moslem Druze sect 
They have refused to accept 
Israeli identity cards since the 
area was annexed to Israeli in 
December. 

Mr Haim Cohn, former 
deputy president of Israel’s 
Supreme Court and chairman of 
the Association for Civil Rights 
in Israel, has denounced " the 
treatment of the Druie as " the 
law of barbarians.” The resist- 


ance of the Druze, who had co- 
operated fully with the Israeli 
administration between - the 
capture of the.afta from Syria 
in 1967 and annexation last 
year, is now causing the Govern- 
ment serious embarrassment. - 

: -On the diplomatic front, Mr 
Menahem Begin, the. Israeli 
Prime Minister, appeared opti- 
mistic yesterday that with- 
drawal from Sinai would go 
ahead as scheduled. on. April 25. 
This followed recelpfof a letter 
from President Hosni Mubarak 
of Egypt, delivered by Egyptian 
Minister of State for Foreign 
Affairs, Dr Butros Ghali. 

Israel would apparently like 
to get some form of . written 
commitment from Egypt that 
normal relations with Israel will 
continue after the Sinai. with- 
drawal, no hostile propaganda 
will be allowed, and no sup., 
port given to the Palestine 
Liberation Organisation, but 
officials would not confirm this 
yesterday. 

Charles Richards- adds from 
Cairo: The U.S. Deputy Store- ■ 
tary of State,, Mr Waiter 
Stoessel. flew into Cairo tins 
afternoon to try to settle last- 
minute disagreements between 
Egypt and' Israel over Israel’s 
scheduled withdrawal - from 
Sinai in a tittle over a week’s 
time. He arrived on the same 
aircraft from -Jerusalem as the 
Egyptian Minister of State for 
Foreign Affairs. Dr Boutros 
Ghali, who had been hurriedly 
sent to discuss' differences 
between the- two countries, 
particularly over the demar- 
cation of their border at Taba, 
south of Eilat 

On his return to Cairo, Dr 
Ghali said that he had held 
positive talks with Mr Stoessel, 
whose presence -in tbe region 
reflects America’s concern that 
all should go smoothly in this 
critical phase. 

For his -part, Mr Stoessel 
said, "I am pleased to have 
talked informally- with "Dr 
Ghali, and I am hopeful that 
recent talks between Egyptian 
and .Israeli officials will result 
in- resolution of the present 
difficulties. As fuM partner, our 
.goals are the completion of the 
Camp David process and 
establishment of e .true and 
, lasting peace in the regions 


f 


THE FALKLAND^ CRISIS 


ru. 


Cafl for U.S. to back 
Britain if talks tail 


BY EUNOR GOODMAN, POLITICAL CORRESPONDENT 


A GOVERNMENT Whip called 
yesterday for the U.S. Adminis- 
tration to get off the fence if 
diplomacy fails and actively 
support Britain in its dispute 

• with Argentina. 

Mr John Stradling Thomas. 

• the Deputy Chief Whip, said 
i that while Britain appreciated 

Mr Haig's effort, it must be 
made quite clear lo President 
■ Reagan that the U.S. must fulfil 
its role ** on the side of demo- 
cracy. whatever the niceties of 
diplomacy demand in Central 
America." 

It is unusual for Whips to 
speak in public. Their job is 
to listen to the views of back- 
benchers. Mr Stradling Thomas’s 
speech reflects the belief of 
many Tory MPs that ultimately 
America will have to abandon 
its neutral role and come down 
positively on the side of Britain 
as one of ils most important 
allies. 

This view, which has also 
been gaining support In the 
. V.S.. was expressed at West- 
minster in Wednesday’s emer- 
gency debate on the Falkland 


Islands by Mr Denis Healey, the 
Shadow Foreign Secretary. At 
that stage, the British Govern- 
ment's view was that as long 
as there was any possibility of 
Secretary oE State Haig nego- 
tiating a diplomatic solution, it 
was better that America should 
adopt a neutral position. 

But it was clear in Downing 
Street yesterday that if diplo- 
macy fails, the Government 
would expect America to follow 
the example of Britain’s Euro- 
pean allies and impose trade 
sanctions on Argentina. 

Hr Stradling Thomas’s speech 
was one of a number from 
senior Conservatives yesterday 
aimed at bolstering support in 
the country for the possible use 
of force against Argentina. Mr 
Douglas Hurd, the Minister of 
Slate at the Foreign Office, who 
is now in effect the Deputy 
Foreign Secretray, repeated the 
Government's readiness to use 
force if diplomacy fails. 

Every “ sane person," he said, 
hoped diplomacy would suc- 
ceed without the need for fur- 
ther bloodshed. But he stressed 



CBI chief 
backs move 
by EEC 


Argentina approves 
emergency package 


BY JIMMY BURN5 IN BUBfOS Afft£5 


THE EEC'S move to ban the 
import of Argentine goods 
has done more tor its cause 
within Britain than any hard 
bargains strode to Brussels, 
Sir Raymond Pennies, presi- 
dent- of the CBI told the 
British chamber of com- 
merce in France, meeting 
yesterday, in-Paris, - - 

“If ever those pf ns who 
wholeheartedly support the 
UK’s membership of the EEC 
wanted a compelling answer 
to the anti-EEC. lobby, we’ve 
certainly got it now,” he said. 

The speed at which the 
Common Market had acted 
was an example to the free 
world. 


Medical staff board a transport flight to join the Falklands force 


Falangist call 



that it was " a necessary conse- 
quence of the Argentine aggres- 
sion ’’ that if they could not be 
persuaded to withdraw by dip- 
lomacy, they would have to be 
removed by force. 

Mr Hurd, who was one of only 
two . Ministers at the Foreign 
Office who remained in their 
jobs after Lord Carrington’s 


resignation as Foreign Secre- 
tary, also took the unusual step 
of hitting out at the FO’s critics. 
In the last few weeks, he said,- 
many untrue and venomous 
things ” had been said about the 
FO. ' 


His own personal experience 
was that the foreign policy of 


this country aas made by 
Ministers not officials, but it was 
very often discussed by 
Ministers collectively, and that 
it was persistently scrutinised 
by MPs. “ Some of the critics 
have an absurd idea of how the 
Government of this country is 
actually conducted,” he main- 
tained. 


ISLANDERS HOPE FOR STAND-OFF 


Big exodus from Port Stanley 


Fsdange Espanola, the right- 
wing party that helped the 
late General Francisco Franco 
win tbe Spanish civil war in 
1939, has called for a demon- 
stration in Madrid on Monday 
in support of Argentina in Its 
dispute with Britain, AF 
reports from Madrid. 

The dcxnonstoation, under 
the motto “We are by yonr 
side, Argentina,” will be ah 
“act of solidarity with that 
country .. - 


BY ANDREW WHITLEY AND JIMMY BURNS IN BUENOS AIRES 


THE PROSPECT of a military 
confrontation between Britain 
and Argentina has provoked a 
substantial exodus of Zanders 
from the Falklands capital of 
Parr Stanley, a senior banker 
who has just returned from the 
island said yesterday. 

The local inhabitants fear, 
being baxnied if and when 
British troops try to recapture 
The capital. Many of them have 1 
left their homes and gone into 
the islands’ Meak interior, 
vhiph is dotted with isolated 
farms. 

The banker said most Falk- 
land's he had talked to were 
“outraged” at tbe Argentine 
. military . occupation. They 
wanted’ to “wake up and find 
themselves in the situation that 
existed before April 2,” the date 
of the invasion. The overriding 
hope was that the Argentine 
troops would withdraw and the 
British task force turn back. 

“Very few*’ civilians are 
walking the streets of the 
capital and the majority of .the 
population have stopped using , 
their cars for fear they might 


Dockers ■ yesterday began 
unloading a cargo of Argen- 
tine food from a British ship. 
The 9,000 ton liner Bronte 
was allowed to discharge to 
Liverpool because it set sail 
before the trade embargo 
began. Tbe 8,000 ton load, 
which includes corned beef, 
will be bronght ashore over 
the next fortnight 4 


be requisitioned by The 
Argentine army; 

Since the invasion, no foreign 
journalist has been allowed on 
the islands. Argentine journal- 
ists have been permitted- to 
report from there, but “their 
coverage has' been sporadic and 
subject 'to ..military censorship. 
Officially, . the Argentine Gov- 
ernment has denied , that -the 
islanders are being, held as 
hostages and has offered- them 
free military .transport out of 
the islands. A suggestion of 
compensation for those who" 
wish to leave was nwde bsr 
Argentina’s ambassador to the 


UN. 

Apart from a trickle of indi- 
viduals hitching a ride on mili- 
tary planes to Comodoro 
Rivadavia on the mainland, 
only one substantial group of 
civilians has left the islands. It 
included Mr Dick Baker, the 
Deputy Governor, and Mr 
Ronnie Lamb, until this month 
the head of the Falklands’ small 
police force. 

The expulsion of these two 
men indicated that the new 
military authorities in 1 Port 
Stanley are no longer prepared 
to work through the existing- 
administrative machinery and 
are replacing local officiate with 
their own men. - -• ... 

-A major question- mark still, 
hangs over the status of the 
. Falkland Islands Company,. the 
■ general trading company with 
a monopoly on land rights and 
wool exports prior to the 
- Argentine invasion. Signi- 
.ficantiy, Argentine Press reports 
from the' islands increasingly 
draw, attention to the political . 
and economic hold that the 
company had on the colony; No 


Grenada backing 

Grenada’s left-wing Govern- 
ment supported. Argentina’s 
claim to sovereignty over the 
Falkland Islands. Hr Unison 
Whiteman, the Foreign Mini- 
ster, said yesterday. Renter 
reports from St George’s. 

But Grenada favoured a 
negotiated political - settle- 
ment of the Falklands Issue, 
believing it would be foolish 
for Argentina and Britain to 
fight over the islands; he 
added. 


THE ARGENTINE Government 
yesterday approved an emerg- 
ency package of measures aimed 
at helping the financial market 
after the Falklands crisis. 

The measures indue a 1- per- 
centage point reduction in the 
minimum reserve requirement 
"retroactive to April 1, to ease 
the severe liquidity problems of 
local financial institutions. 

The measures will be wel- 
comed by the financial com- 
munity, but most economic 
analysts believe that whatever 
the .outcome of the present dis- 
pute. Sr Roberto Alemann, the 
Economy Minister, would have 
to accept higher inflation, a 
lower trade surplus and the 
abandonment of modest growth 
targets. 

The measures are a setback 
for the prestige of Sr Alemann 
who had earlier declared that 
such measures were unneces- 
sary. 

In a series of meetings with 
central bank and other repre- 
sentatives of the financial com- 
munity over the past week. Sr 
Alemann is believed to have 
argued against central govern- 
ment intervention in the finan- 
cial markets, on the grounds 
that their current problems 
were only temporary and 
should be allowed to work 
themselves out within a free 
market. 

He is believed to have sug- 
gested that the measures might 


have a negative effect on money 
supply and has efforts to reduce 
inflation, which in 1981 was over . 
131 per cent. 

. Sr Alemann denied to -a -TV 
interview on Thursday night 
that he was being forced to 
modify his economic policies 
and that he was under pressure i 
to resigp- 

Fears of impending war with 
Britain and rumours that the 
Argentine Government might 
soon impose a patriotic , tax . to 
subsidise the cost of the^ Falk- 
lands operation, has led to many 
anxious investors to withdraw 
their deposits over the past two 
weeks. 

Withdrawals are believed to 
have amounted to over $lbn and 
have led ra number of institu- 
tions to the point of collapse. 
Interest rates have rocketed. 

In a further development yes- 
terday, the Argentine Govern- 
ment announced that v it bad . 
banned three European consop [ 
tiums from bidding for a 950m 
gas project,. 

The consortiums are. led by 
Spei Capag of' France. Saipan 
Spa of Italy and Nacap '.of 
Holland. 

Sr Sergio- Martini. Minister 
for Public Wcnte, said that the 
Government was considering 
further sanctions against Euro- 
pean companies, although he 
stressed that contracts already 
signed would be respected- . 


Port workers’ plea 

Argentine maritime and port 
-workers have recommended 
a general boycott of British 
flag-bearing, ships In ports 
• throughout the American 
continent in retaliation for 
the British Nava! blockade of 
tbe Falklands, union leaders 
said, Reuter reports from 
Buenos Aires. 


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Fmancial Times Saturday April 17 1982 

OVERSEAS NEWS 


UK NEWS 


China preparing to build 
Shanghai nuclear reactor 


8T TONY WALKER M PEKING 

CHINA is ready to start con- 
struction of a 300-Mw nuclear 
reactor near Shanghai, accord- 
ing to a. Western scientific 
expert in Peking, who is 
attached to a foreign diplomatic 
mission here. He said in an 
■ interview be had been , told by 
officials bere they had completed 
plans for the prototype reactor. 

“ They feel confident they are 
ready to go ahead and begin to 
use nuclear power technology," 
he said. "They have Implied 
They will obtain some com- 
ponents abroad." he went on. 

Qtina, which exploded its first 
atomic bomb in the early 2960s, 
has not yet made a final decision 
about . developing a rmdear. 
power industry. However, con- 
struction of nuclear . power 
stations in energy-starved areas 
near Shanghai and Canton is 
being seriously considered at 
top levels of the Chinese 
leadership. 

Twin 900-Mw pressurised 


water reactors (FWRs) have 
been proposed for Guangdong 
Province, South China, to supply 
much-needed power to Canton 
and other centres and also to 
Hong Kong. 

Mr John Bremridge, Hong 
Kong*5 Financial Secretary, said 
recently after a visit to Peking 
Chat he expected China to make 
a decision about the establito- 
ment of a nuclear power station 
in Guangdong within about six 
months. 

Western diplomats here 
believe Mr Bremridge is being 
optimistic if he expects a 
decision this year. 

The western scientific expert 
said foreign-made compo n ents 
that may be needed for the 
Shanghai prototype could in- 
dude a high-pressure pomp and 
pressure containment vessel Id 
enclose the reactor itself. 

Unless special clearance is 
given by the U.S. for the sate of 
items .such as -these, it is likely 


Chin* would tray the com- 
ponents in Europe. 

Last September, a team from 

the TJ.S. Nuclear Regulatory 
Agency visited Peking’ for talks 
with Chinese officials.- No de- 
tails -of those discussions were 
released, but it is* understood 
the two sides talked about ways ; 
to overcome barriers in "the way 
of American, companies supply- 
ing nuclear equipment to China. 

China is not a signatory to 
the Nuclear Non-Proliferation 
Treaty, nor is it a member of 
the International Atomic 
Energy Agency, the body that 
polices the NPT. 

The western scientific expert 
described the proposed “pro- 
totype reactor” near Shanghai 
as a "stepping stone" on the 
way to the development of a 
nuclear industry. He pointed 
out that a 300 MW reactor is 
about one third the size of - fte 
smallest installation now being 
constructed in the West. 


ARMS SALES TO TAIWAN 


U.S. wins breathing-space 


BY OUR PEKING CORRESPONDENT 


CHINA’S DECISION not to 
retaliate diplomatically over the 
UjS. go-ahead this week with the 
sale of military spares to Taiwan 
while negotiations between 
Peking- and Washington are 
continuing has given the two 
sides a breathing space in their 
long-running dispute. 

The People's Daily, the Com- 
munist Party newspaper, yester- 
day made R dear in a front-page 
commentary, however, that 
China’s opposition to “long- 
term" arms sales to Taiwan is 
uncompromising. 

“At present the Shkj-IT.S. 
relationship is still at a critical 
juncture,” the commentary said. 
"The problem of UJS. arms sales 
to Taiwan has not been solved. 
The crisis of posable retro- 
gression in Sino-U.S. relations 
persists. 

“Although the U.S. Govern- 
ment has repeatedly expressed 
that it sets great store by the 
Sino-U.S. relationship, it in fact 
persists in its policy of long- 
term awros sales to Taiwan. This 
is. of course, not to be 
tolerated.” . 

One way oat of the' impasse 
Is for the U.S. to agree to phase 
ant arms sales to Taiwan, but 
under present circumstances it 
would be difficult for a Conser- 
vative U.S. Administration to 
give this sort of commitment 
Ihe prospect is then for Taiwan 
to continue to be a running sore 
in Sino-U.S. relations which 
could worsen if the issue is not 
cleared up over the next 12 
months. 

It is expected, that by early 
1983, Washington will again find 
It difficult to ignore Taiwan’s 
requests for military equipment. 
Fhis year, the U.S. has already 
rejected Taiwan's application to 
buy an advanced fighter to 
replace its ageing F-5E. 

Western diplomats in Peking 
who described the tone fo the 


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President Nicolas Ceasescn of 
Romania hinted yesterday at 
the possibility of a thaw in 
Sino - Soviet relations, our 
Peking Correspondent reports. 
After several days of talks 
with Chinese leaders in . 
Peking, he said the goal 
of better relations between 
Peking and Moscow was 
“reachable.” 

President Ceasescn, who is 
on his first visit to China 
since 1973, met Hu Yaohang. 
the Communist Party chair- 
man, Deng Xiaoping, the party 
Vice - Chairman, and Zhao 
Ztyang, the Premier. 

protest Note earlier this week 
over the US$60m (£34m) sale of 
military spares to Taiwan, as 
“ relatively mild,” say the 
People’s Daily commentary 
makes it clear that the UJS. can- 
hot expect to make further arms 
sales totbe Taiwanese and avoid 
a crisis in its relations with 
China. 

If the U.S. persists in arming 
Taiwan without an undertaking 
to phase out sales, then a 
cooling in S inoJJ.S. relations 
-seems unavoidable. China’s “re- 
strained” response to the spare 
parts deal has allowed the two 
sides to conduct further dis- 
cussions in a calmer atmosphere, 
but should not be interpreted 
as a sign that China is not pre- 
pared to follow through its 
Ihreat to down grade relations if 
diplomatic negotiations fail. 

The focus in Sino-U.S. rela- 
tions over the next several 
months will be on finding a way 
out of this apparent diplomatic 
impasse. The two sides have 
been attempting to resolve their 
differences through negotiations 
since late last year, but appear 
to have made little progress. 
Diplomats in Peking say 


there is still a large gap be- 
tween the Chinese and UJS. 
positions and it will require 
significant concessions on both 
sides for an agreement to be 
reached. It will not be good 
enough, one said, for the two 
sides simply to agree to dis- 
agree. 

The Chinese have suggested 
in the past, however, that the 
problem could be solved if the 
U.S. agreed to phase out sales 
of weapons. Indeed, the 
People’s Daily in its commen- 
tary used the phrase “long- 
term arms sales to Taiwan,” 
hinting there might be room 
for negotiation on a phased 
reduction of arms sales. 

Apart from accusing the 
U.S. of infringing, on its 
sovereignty by selling arms to 
Taiwan, China objects to the 
sales because it claims as long 
as the U-S. arm the Taiwanese 
it is unlikely Taipei will agree 
to negotiate re-unification terms 
with Pelting. China, in the past 
several years, has made a num- 
ber of “peace” overtures to 
Taiwan without drawing any 
positive response. 

China wants the U.S. to give 
more active support to a peace- 
ful process of reunification, but 
so far the Reagan Administra- 
tion has made only vaguely 
approving noises about the 
Chinese proposals. 

American businessmen in 
Peking are relieved that the an- 
nouncement of the spare parts 
deal -has not brought Chinese 
diplomatic reprisals. A down- 
grading of Sino-U.S. relations 
would almost certainly have an 
effect on the business climate 
for Americans in China. 

The People’s Daily said that 
“U.S. arms sales to Taiwan 
present a grave question that 
concerns China's sovereignty. . . 
to flout China’s sovereignty 
would not solve the question.” 


Tough talks lie ahead on 
EEC entry Portugal told 


BY DIANA SMITH IN LISBON 

PORTUGAL and the EEC have 
now arrived at the derisive 
stage of negotiations: if 
Portugal wants to join by 
January 1, 198*. she must work 
very hard, as must the Com- 
munity, to “ tie up the technical 
dossiers ” — for it would be 
extremely difficult to catch up 
on delays that occurred between 
now -and. the end of 1982. 

M Gaston Thorn, president 
of the EEC Commission, 
delivered this polite warning in 
Lisbon at the end of two days 
of talks with the chiefs of state 
and government and other 
senior Ministers. 

M Thom said that Portuguese 
negotiators must not simply 
present their dossiers and ask 
for -a “yes” or “no” answer. 
They must work on than pro- 
perly, explain and justify them. 

So far. only the simplest 
dossiers, covering matters such 
as transport and Euratom, have 
been completed. M Thom -made 
it clear that tough negotiations 
lay ahead, whatever the Com- 
munity’s political will to have 
Portugal as a member. 

These negotiations cove red 
awkward areas such as customs 
unton and fishing and agricul- 
tural policies. It is hoped that 


these dossiers can he cleared by 
tile end of this year. 

If this can he done, M Thorn 
said, the Tea could, at a pinch, 
ratify w ithin a. year. But with 
the unavoidable risk of elec- 
tions in some member-countries, 
K Thorn was reluctant to give 
firm guarantees about time- 
scales. 

Sr Francisco Balsemao. 
Portugal’s Premier, took advan- 
tage of M, Thom’s visit to state 
Portugal’s position on Spanish 
entry bluntly. 

In no circumstances. Sr 
Balsemao said, will Portugal 
accept linkage of negotiations. 
Sr Balsemao has often pointed 
out that his Government accepts 
simultaneous entry dates only if 
Portugal is not penalised or 
delayed because of any Spanish 
difficulties. 

The mood ctf MJ Thom's visit 
was more than affable — but he 
reflected "tiie lecent toughening 
of attitudes on both sides. 
Reminded of growing opposi- 
tion by Portugal’s private Indus, 
try confederation to EEC mem- 
bership, arising’ from greater 
understanding of the competi- 
tion from EEC industries, 
Bf Thorn said: “The Community 
didn’t apply to join Portugal. 
Portugal applied to join us.” 


France puts ban on all 
Spanish meat imports 


BY OUR MADRID CORRESPONDENT 


THE FRENCH Government has 
imposed a ban on an Spanish 
meat imports following the 
discovery of a case of foot and 
mouth disease in a slaughter 
house in Northern Spain. - 

The ban affects all imports of 
iamb and beef and will be 
applied until the French 
authorities are satisfied that the 
virus has been isolated. 

Spanish officials say the ban 
is a preventive measure and 
that they have notified the 
United Nations Food and Agri- 
culture Organisation, and the 


relevant international health 
authorities. No further cases 
haVe so far been detected. 

France imports more meat 
from Spain than any other Euro- 
pean country, and in the past 
three years, imports of frozen 
and fresh meat averaged 5.000 
tons a year. 

The ban comes one month 
after Britain imposed a similar 
banwben British health authori- 
ties found that items of Spanish 
meat did sot satisfy hygiene 
standards: This ban was lifted 
two weeks ago. 


Mellish 
makes up 
his min d 
to resign 

By Binor Goodman, 

Political Correspondent 

THE Labour Party seems 
certain to be beading for a 
potentially hsgily divisive by- 
election in the south-. east 
London constituency of 
Bermondsey. 

Mr Bob M elli sh, Labour MP 
fbr the seat for more than 30 
years, -said yesterday that be 
had decided to resign some time 
this year. He has not set a 
date bnt it is unlikely to - be 
touch after the autumn as he 
is apparently determined to 
devote more time to his job as 
vice-chairman of the London 
Dock Development Corporation. 

His decision will rekindle the 
controversy in the Labour Party 
over Mr Peter TatefaeH, the left- 
winger. Mr Michatel Foot, the 
Labour leader, just succeeded 
before Christmas in stopping 
Mr Tatch ell's endorsement as 
the official Labour Party can- 
didate for Bonnondsey. 

It will also come as a blow 
to left-wingers of the party's 
National Executive Committee 
who had been hoping that, if 
there were not by-election, some 
peace formula might be negoti- 
ated between Mr Foot and the 
Bermondsey party enabling Mr 
Tatchell to stand as its can- 
didate in a general election, 
when less attention would be 
paid to the constituency. 

Mr Mellish. who has bear at 
war with the far-left in his 
constituency since the election, 
had. originally intended to re- 
sign several months ago. But 
after Mr Foot had staked his 
authority as leader on stopping 
Mr Tatchell being endorsed, 
Mr Mellish agreed to stay on, 
and so obviated the need for 
a by-election, depriving Mr Roy 
Jenkins for a time an oppor- 
tunity to return to Westminster. 

In the last few weeks, how- 
ever, Mr Mellish ’s relations with 
his local Labour Party have 
worsened still further. Moves 
are being made to .expel him 
from the party. 

Mr Mellish is backing three 
independent Labour candidates 
in the local elections on the 
grounds that they are more 
representative of the traditional 
party than the left-wingers 
standing as official candidates. 
He is to canvass for them over 
the next few weeks. 

He said yesterday that he 
was confident they would 
“smash” the pffiwal 
He has agreed, .however, not lo 
resign until after the local 
election. 


Building society lending 
up to £1.06bn in March 


BY MICHAEL. CAS S ELL 

BUILDING SOCIETY mortgage 
lending in March rose to its 
highest level for eight months, 
providing dear' evidence of in- 
creasing activity in the private 
housing mar ket. 

The market has been ticking 
over in recent months, with 
prices stagnating or fatting. 
There are positive signs of an 
upturn in sales and a trend 
towards firmer prices as the- 
traditional house-hunting season 
begins. 

The building societies 
advanced £1.06bn to home 
buyers last month, a leap of 
£3Q2m over the previous month 
and the highest monthly figure 
since July. The societies com- 
mitted themselves at the same 
thriii. to lending £L40bn, the 
highest monthly total on record 
and £43Qm more than in Feb- 
ruary, 


• The volume of funds being 
poured into the private housing 
market bis reached a record 
level This in chides mortgages 
being granted by the banks, 
now running at about £3 50m a 
month. 

The big take-up of funds Is 
being put down to a combination 
of seasonal factors, the recent 
substantial cut in mortgage rates 
and the relatively low level of 
house prices in relation to 
incomes. Competition for mort- 
gage business between the banks 
and societies has brought some 
aggressive marketing on both 
sides. 

There seems little prospect of 
any ^^^1 increase in 
prices in spite of the s ignific a n t 
upturn in activity. A large 
stock of unsold properties 
remain on the market and 
incomes over the coming year 


are expected to rise only 
modestly. 

The Building Societies Asso- 
ciation said yesterday that net 
receipts in March readied only 
£264m against £347m in the pre- 
vious month. This was largely 
because of investors trans- 
ferring funds into the attractive 
23rd issue of National Savings 
certificates before it was with- 
drawn. 

Mr Richard Weir, association 
secretary-general, said the 
reduction was expected to be 
temporary and the outlook for 
savings in the next few months 
was favourable. The societies, 
he said, were extremely com- 
petitive in the savings market. 

Mr Weir said the mortgage 
market was very active and, 
with relatively low house prices 
and falling mortgage rates, he 
expected the increase in activity 
to continue. 


BP sells Sea Conquest rig for £40m 


BY MARTIN DICKSON, ENERGY CORRESPONDENT 


BRITISH PETROLEUM is sell- 
ing an ^offshore drilling rig, the 
Sea Conquest, to Ben Odeco, toe 
UK drilling company, for an 
estimated £40m. It will then 
charter toe vessel bad: for 
three years. ■ 

The sale illustrates the fact 
that a worldwide shortage of 
drilling rigs over toe past few 
years, which at one point sent 
daily hire rates soaring towards 
$100,000 (£56,785) a day, is now 
diminishing as more new drill- 
ing units come out of the ship- 
yards. 

BP has two new offshore rigs 
on order. A Sedco 700 series 
rig is being built for it at Scott- 
Lithguw’s kard on the Clyde, • 
due for delivery in 1983. 


Another Sedco 700, to be 
handed over later this year. Is 
being built for it at South 
Korea's Hyundai Yard. 

With hire rates falling — to 
around $70,000^80,000 a day— 
and more rigs becoming avail- 
able, BP evidently frit the time 
was now right to sell the Sea 
Conquest a senH-submexsible- 
style rig built in Finland. 

It has been owned by BP 
since 1979 and before that had 
been m charter to the company 
since commissioning in 1976. 
The rig will now be managed 
by Atlantic Drilling on behalf 
of Ben Odeco, which is jointly 
owned by the Ben Line group 
of Edinburgh and Odeco of New 
Orleans. 


The Sea Conquest, currently 
working in BP’s North Sea 
Magnus Field, is capable of 
drilling to depths of 25,000 ft 
in water up to 1^00 ft, and has 
operated mainly in the UK 
sector of the North Sea and off- 
shore Ireland. 

A survey of the oil com- 
panies’ North Sea drilling inten- 
tions last autumn by stock- 
brokers Wood Mackenzie con- 
cluded that there would be a 
sharp growth in rig availability 
during 1982 and 1983 at a time 
of lower than expected demand. 
The result was likely to be a 
surplus o£ rigs in the North 
Sea by the mid-1980s. 

The brokers said last night 
that this remained their view. 


UK may get Australian Mitsubishi cars 


BY JOHN GRffWIHS 

MITSUBISHI MOTORS 
Australia has disclosed that it 
is exploring ways of gaining 
export markets for its car 
production. 

The disclosure - follows an 
acknowledgment by Colt Car 
company of the UK that it has 
been assessing Australian-built 
cars for possible sale in Britain. 

Mitsubishi cars built in Japan 
are sold under the Colt badge 
in Britain, and thus are subject 
to toe Anglo-Jaspanese “gentle- 
men’s agreement ” . restricting 
Japanese car imports to 11 per 
cent of the total market 


Mr Michael Orr, Colt’s chair- 
man, 4, has let his mounting 
frustration be known with the 
agreement’s restrictions on his 
company’s activities. 

The Australian plant builds 
similar cars, also with right- 
hand drive, although the tech- 
nical specification differs in 
some respects, 

Mr Graham Spurting. Mitsu- 
bishi Australia’s managing 
director, says that his company 
is setting up- a corporate plan- 
ning department to develop an 
export strategy. It will investi- 
gate the feasibility of exporting 


kit or fully assembled care, as 
well as panels, casting and 
engines. 

The Adelaide manufacturing 
plant has a Tnarimnm output of 
240 cars a day. The optimum 
daily outppt has hitherto been 
regarded as 225 because of 
paint plant limitations. 

However, this is being refur- 
bished, while farther expansion 
by the end of the year is likely 
to provide spare capacity of 50 
cars a day ; 

It would appear, therefore, 
that the potential for exports to 
the UK will exist by early 1983. 


Call to staff 
at British 
Airways to 
boost sales 

By Lynton McLain 

MR BOY WATTS, chief execu- 
tive of British Airways, 
appealed to all staff yesterday 
to sell seats to friends and 
neighbours “ to keep the 
money flowing into the airline 
over the next vital six 
months.” 

It was critical to the future of 
the whole airline that the 
money kept flowing in 
between now and October, Mr 
Watts said is a message to 
staff only a fortnight after the 
end of the 1981-82 financial 
year, when BA lost at least 
£200m. 

“If everyone in BA sold one 
round trip from London to 
Paris, it would raise an extra 
£3m revenue.” be said. 

“ The next six months are going 
to be about the most impor- 
tant that BA has ever lived 
through.” he said. In the 
period to October, the busiest 
for airlines, BA had to earn 
an average of £40 m a week, 
Mr Watts said. 

This was approximately 5 per 
cent a week more than for 
the corresponding period last 
summer. 

The target was an “enormous 
challenge but a “ really suc- 
cessful summer will do more 
than any other single thing I 
can think of to put us back 
on the road to success,” he 
told the staff. 

The airline had encouraging 
news from a number of 
operating sectors in recent 
weeks. 

In the first week of April total 
BA passenger traffic at Heath- 
row and Gatwick was up 6 
per cent compared with the 
corresponding week last year. 

Traffic at Terminal I at Heath- 
row was up 10 per cent. 

In the cargo business, the air- 
line is to launch a no-booking 
cargo service tins summer. 
Dispatch the same day to BA’s 
European destinations will be 
promised to customers. 

Bri tish Caledonian Airways is 
one of a number of companies 
which have expressed an 
interest in buying British 
Airways Helicopters, one of 
the likely candidates in a sale 
of assets by the state-owned 
airline. 

Invicta International Airlines, 
the freight operator at Man- 
sion. Kent called in a 
receiver yesterday, and 70 
employees are expected to 
lose their jobs. 

Meanwhile, Invicta Aircraft 
Engineering is to ration 35 
employees while talks take 
place about the future of the 
company. 


Computer company purchase aids Thorn programme 


ALTHOUGH Thorn EMI is one 
of the UK’s most diversified 
groups, with interests ranging 
from pop music to defence 
electronics, it has a declared 
strategy of pursuing two broad 
areas for the next decade — 
home entertainment and high 
technology engineering. 

The acquisition- earlier this 
month of BOCs sizable com- 
puter services division is a key 
move in the development of its 
high technology engineering 
side, according to the company. 

Sir William Barlow, chairman 
of Thorn EMTs engineering 
group and firmer chairman of 
the Post Office, says that good 
software and systems engineer- 
ing had long been identified as 
an essential part of the strategy 
for the group’s development 
BOCs wish to sell its computer 


Jason Crisp looks at a group’s development strategy 


group as part of its pokey of 
concentrating on its main busi- 
nesses meant Thorn EMI ful- 
filled this part of its strategy 
rather sooner than it had 
intended. 

The engineering group, which 
In -Ihe year ending March 31, 
1981, bad a turnover of £594m, 
is itself fairly diversified and by 
sales, but not profits, was the 
largest grouping in Thorn EMI. 
The group’s businesses range 
from industrial catering equip- 
ment and cutting tools to 
advanced radar systems, sub- 
marine reconnaissance and a 
data recording system used on 
the Nasa space shuttle.. 

The group was created after 


the acquisition of EMI in late 
1978 and has over 50 individual 
companies organised into (our 
main divisions. These are: 

• Electronics, which is largely 
involved in military supply, 
with products ranging from 
missile tfuses to specialist radar. 

• General engineering, which 
i n clude s Clarkson International 
Tools, the catering equipment 
companies, and a security 
division. 

• Technology, which includes 
the Californdan-based company 
Systran Dormer which makes 
sophisticated test and measure- 
ment equipment especially for 
the aerospace industry, and a 
components division which 


makes specialist products from 
connectors to special-purpose 
cathode-ray tubes. ' 

• Telecommunications, which 
is in joint venture with toe 
Swedish telecommunications 
company LM Ericsson. 

The newly bought BOC com- 
puter services division, consist- 
ing of Software Sciences, a 
software and systems company, 
and Datasolve. a computer 
bureau, will form a new division 
together with Thorn EMI Data- 
tech which is the renamed SE 
Labs. 

About half the engineering 
group’s sales are in general en- 
gineering with the other in the 
chosen area high technology en- 


gineering. Thorn bas dosed 
some of the general engineering 
businesses, sold others, and 
retrenched in others. Alto- 
gether about 5,000 jobs have 
gone and the engineering group, 
now employs about 30,000. 

Sir William gives two main 
reasons for wanting to buy a 
computer systems and software 
company. One is simply that the 
software business is an attrac- 
tive growth business in its own 
right and the other is that it 
complements the hardware side 
of toe business. It means the 
company will ' have in-house 
skills which it would have had 
to hire and it can co-ordinate 
the group’s overall software de- 
velopment. -You cannot get 
far with the hardware without 
good software,” says Sir 
William. 


University cuts attacked 


SOME BRITISH universities 
face a crisis "perilously close 
to disastrous.” Dr Alwyn 
Williams, principal of Glasgow 
University, said yesterday. 

Others would be “impaired 
greatly,” at least to the end of 
this century,” he said. This was 
toe price “toe country Mill 
have to pay for toe current 
shoddy political thinking on 
toe merits of higher education.” 

The full cost in lost expertise 
would become clear when the 
school-leavers of toe 1980s 
became the decision-makers in 
the first quarter of the 21 st 
century. 

Dr Williams launched toe 
attack at the conferment of 
honorary degrees at the Univer- 
sity of Strathclyde in Glasgow, 


on the university’s Commemora- 
tion Day. 

He predicted that those “ who 
really care for the British way 
of life will look ba<Sc in 
anger at the policies being 
implemented at toe present 
time. ” 

Universities could now best 
survive by pooling their 
resources to meet the needs of 
modern society, be said. He 
added it was doubtful whether 
the universities of Glasgow and 
Strathclyde could derive 
greater advantages from 
co-operation. 

Both had foreseen the 
nature, if not the scale, of the 
present crisis, and taken steps 
which to some extent had 
“ cushioned precipitate losses of 
income. ” 


‘Remove weak head teachers’ 

BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


HEAD TEACHERS incapable 
of preventing violence by pupils 
should not be left is charge of 
schools, said Sr Keith Joseph, 
Secretary for Education and 
Science, in Blackpool yesterday. 

Ineffective heads were not 
toe only source of the problem, 
but “ they can allow disturbance 
to get a grip” he said after 
addresing the conference of 
toe National Association, of 


Schoolmasters and Union of 
Women Teachers. 

Sir Keith said he had no 
personal opposition to the use 
of corporal .punishment by 
teachers and parents. 

the NAS-UWT has voted that 
toe use of toe cane should be 
left to teachers’ discretion. But 
its larger rival, the National 
Union of Teachers, wants 
corporal punishment banned by 
1984. 


Cadmium health threat ruled out 


DOCTORS have ruled out a 
serious health hazard from 
cadmium contamination at toe 
Somerset village of Shipham, 

They have found that causes 
of death are generally no dif- 
ferent at Shipham, near 
Cheddar, than in the nearby 
village of Eot&rn; where there 
is no 


Deaths at Shipham from 
cadmium poisoning are well 
below the national average, they 
say in a report in The LanceL 
Concern about toe possibility 
of excessive cadmium poisoning 
at Shipham arose after high 
levels of toe chemical were 
found in toe local soil, and 
higher than normal levels in toe 
teeth of village children. - 



drove ajolly todbargarnfarmeT 


JOHN i> WOOD 


SgCYeyrnsVangg andEstateAgen ts 

23BericeIey Square May&irLondonWlXeAL. Telephone 01-6299050. 



4 


Financial Times Saturday April 17 I$S2 


UK NEWS 


LABOUR 


Ci 


Customers 
sought for 
petroleum 
gas output 

By Ray Dafter, Energy Editor 

TEE UK oil and gas industry 
will produce an extra 3m 
tonnes a year of liquefied 
petroleum gas — propane and 
butane worth about £500m 
annually at current prices— 
from the mid-l9S0s. according 
to a senior Shell executive. 

But the industry has yet to 
find customers for most of tie 
extra supplies, which will come 
from North Sea oil and gas 
fields, said Dr Colin Beavers, 
manager of Shell International 
Petroleum Company’s econo- 
mics, logistics and project 
development deportment 
The UK is in danger of 
losing the full benefit of these 
important energy resources, he 
said. 

Dr Beevers was speaking in 
St Peter's .Port, Guernsey, at 
the annual conference of the 
Liquefied Petroleum Gas Indus- 
try Technical Association (UK). 

He said UK North Sea fields 
yielded about 1.47m tonnes of 
liquefied petroleum gas last 
year, slightly more than the 
level of domestic demand. By 
19S5, LPG output should be 
more than 4m tonnes a year. 
Most of the additional output 
was uncommitted. 

“Will it be used In the UK 
or whl it be exported ? This is 
the real challenge of the *80s 
for the UK LPG industry," Dr 
Beevers said. 

The gas could be used in 
home heating. In the chemical 
industry, or as an environment- 
ally acceptable automotive fuel. 
But he feared the supplies 
would be lost to overseas 
markets. 

Mr David Mitchell, managing 
director of Calor Gas, said he 
was not worried about the infra- 
structure. 

The main problem was 
identifying the market with 
most growth potential. There 
were signs that the domestic 
cabinet heating market, which 
had accounted for much of the 
growth in bottled gas in the 
1970s, had already peaked. 


Northern Foods buys pie business 


BY GARETH GRIFFITHS 

FCM, THE meat - proces sing 
group, is selling its pie, flan and 
sau sa g e production b u s in e ss es at 
Caine in Wiltshire and Ipswich 
in Suffolk to Northern Foods 
for £L875m cash, with a con- 
sequent loss of up to 550 jobs 
in the two factories affected. 

Northern Foods expects to 
complete the deal by July and 
wDl transfer production to its 
factories in Nottingham and 
Dorset Northern Foods says 
that between 100 and 150 jobs 
could be created to deal with 
the reallocated production. Some 
200 jobs will be lost at Ipswich 
and 350 at Caine. 

FCM says the sale is part of 


its policy of transferring its 
resources Into its main area of 
meat operations. Mr George 
CatteZZ, JFCSFs group managing 
director, said he hoped the job 
losses at Ipswich would be less 
than announced, with the trans- 
fer of employees to other opera- 
tions, but added that, within six 
to nine months, there would be 
a total run-down at Caine. 

Discussions are being held 
with trade unions at the plants. 

The two factories provide 
mainly own-label "produce for 
Marks and Spencer and Sains- 
bury’s. Less than 10 per cent 
of the volume of business last 
year was for Fdfs own Hands 


label. 

• The deal provides that FCM 
will not compete in the pie, flan 
and sausage' market tor the next 
five years, although FCM 
retains the -Harris label. 

FCM has trimmed its work- 
force from 8,300 to about 4,500 
in the past two years. It is 
paying the redundancy costs. 

The- -agreement values the 
plant. and equipment at £L5m, 
and goodwill at £375,000. FCM 
intends to use the proceeds to 
reduce the group’s borrowings. 
The company made a pre-tax 
profit of £L51m on turnover of 
£259m is the six months ended 
October 17, 1881. 

FCM says it has been 


squeezed in the meat-processing 
areas, such as sausages, pies 
and flans, by Unilever and Uni- 
gate. It win now concentrate 
on wholesaling meat and manu- 
facturing bacon and hams. 

Northern Foods was particu- 
larly interested in the supply 
arrangements with Marks and 
Spencer and - Salisbury's. The 
company— which is based at 
Hull and is involved in dairy 
products, meat, and cereals— 
recently paid £37m for Keystone 
Foods, the big UH. processor 
of hamburger patties for Mc- 
Donald’s Corporation. 

Northern Foods bad pre-tax 
profits of £34. 63m for the year 
ended September 30, 1981- 


Avon Rubber to dose factory in Wales 


BY BELINDA NBIK 

Avon Rubber is to dose its 
factory at Bridgend to Wales, 
making 260 people redundant. 

Mr Peter Fisher, the manag- 
ing director, said that the 
Bridgend factory bad been 
“ Losing several hundred 
thousands of pounds and we 
cannot get it back into profit." 
It is due to close in July. 

Mr Fisher blamed the closure 
on the recession in the auto- 
motive and tyre sectors, and on 
cheap imports, particularly in 
the tube business. 


However, be stressed that, the 
closure having been decided, 
talks would now be held on the 
future of the business there. 
He did not exclude the possi- 
bility of a management buyout 
“The factory has some of the 
most modem machinery, a very 
co-operative workforce and an 
extremely competent manage- 
ment But cheap imports are 
really at the nub cf the decline 
in the industry" 

• Lesney Products, maker of 
Matchbox toys, is to dose its 


factory at Peterborough. Cam- 
bridgeshire, with the loss of 
about 200 jobs. The plant was 
opened in 1974. 

A spokesman for the com- 
pany said: “This action arises 
from the need of the company 
to- reduce its fixed overhead 
costs as part of its planned 
rationalisation. The present pro- 
duction activities at Peter- 
borough will be accommodated 
at another, eri sting factory in 
the group.” . 

Lesney suffered serious losses 
in 1981, and a rationalisation 


was instituted to save the com- 
pany. 

• Jessups, the motor dealer, is 
to dose a loss-making dealer- 
ship and to pot another up for 
sale. The moves will affect more 
than 100 jobs. 

The group's Vauxhall-Bedford 
dealership at Stratford in east 
London is to shut and 60 staff 
are to be made redundant 

The Jessups dealership at 
Southend is to be offered for 
sale and the 45 staff members 
there have been advised. 


Stockbroker suspended for misconduct 


BY JOHN MOORE, CITY CORRESPONDENT 


A’ STOCKBROKER lias been 
suspended for three months 
from trading after a Stock Ex- 
change disciplinary committee 
found him guilty of “gross" mis- 
conduct” under the roles of the 
exchange. 

Mr Raymond .T ill ins faced dis- 
ciplinary action by the exchange 
after a partner in bis firm, 
Russell Wood, notified the Stock 
Exchange authorities of certain 
transactions which had been 
carried out 

According to a. notice posted 


in the Stock Exchange on April 
8, Mr -T il Tin r was required to 
answer three charges. These 
alleged that within a certain 
period he effected a series of 
“inter-related transactions in 
the shares of a company, the in- 
tention and effect of which was 
to favour one client at the ex- 
pense of another client or 
clients.” 

The Stock Exchange examined 
a number of “bear" sales — 
sales carried out before the 
shares are owned, and which 
are followed by a formal 


purchase at a price lower than 
the sale price. The Stock 
Exchange noted that there bad 
been a delay in the booking of 
the bear sales which had been 
carried out on behalf of a 
client. These sales were 
followed by another market 
operation. Under this deal — a 
“ put-through ” operation— the 
same number of shares of the 
client for whom the bear sale 
had been carried out were 
transacted with another client 
who held shares in the stock at 
the time of the sale. 


“In this manner Mr Jill fas 
was able to favour certain 
clients with respect to price to 
the detriment of other clients," 
the Stock Exchange has con- 
cluded. 

The disciplinary committee 
found the charges proved 

After hearing an appeal, the 
Stock Exchange has decided 
that Mr Jillins should be sus- 
pended from trading “in any 
manner whatsoever” for three 
months from the date of its 
notice, April 8. • 


Raleigh 
bicycles to 
be made 
in the U.S. 

By Maurice Samoatson 

THE RALEIGH brand of 
bicycle is to be manufactured 
under licence In the U.S. by 
the Huffy C o rporation of 
Dayton, Ohio, the biggest 
maker and d istributor -of 

bicycles in the Ufi. 

-Tl Raleigh Industries, 
which dominates the British 
cycle industry, says the move 
is consistent ‘with its 
strategy of concentrating Its 
marketing and manufacturing 
resources in developing its 
base in UK and European 
markets. 

Mr Chris Handley, export 
sales director, said yesterday 
that in the p ast, Raleigh had 
tried to penetrate the market 
with machines made in 
Canada and other countries. 
However, UJ5. sales had 
■ declined from the peak 
reached about 10 years ago 
and Raleigh’s direct exports 
to the UJS. had been bit 
particularly bard by the 
strength of sterling.' 

Opportunity 

Raleigh's bicycles have 
been sold in the U.S. for 
many years, but now claim 
only a “ single percentage " 
figure qt the 9-5m cycles sold 
there each year. 

The company has similar 
licensing arrangements in a 
number of countries, includ- 
ing Mexico, South Africa, 
India, Pakistan, Sri Lanka and 
New Zealand. 

The company says its tie-up 
with Huffy provides a “unique 
opportunity to expand the 
sale of Raleigh branded 

bicycles in the U.S." 

. in the UJ3.” 

Huffy, which produces a 
wide .range of its own 
machines, will produce most 
of the Raleigh range. How- 
ever, Raleigh may still supply 
some specialist eyries to the 
U.S. from its UK factories. 


TV coverage of 
Pope’s Cardiff 
visit threatened 

By Robin Reeves, 

Welsh Correspondent 

TELEVISION coverage of toe 
Pope’s visit to Cardiff may be 
affected by a union dispute 
over security arrangements for 
technical staff at HTV Wales, 
the local commercial television 
contractor. 

HTV memb ers o f the techni- 
cians' union ACTT are refusing 
to complete application forms 
from the Catholic Information 
Service for accredited identity 
passes for the visit They say 
there are no guarantees that 
the information supplied wEU 
not be put on a computer and 
stored. There were reports 
yesterday that the dispute may 
also involve special payments 
for covering the visit. 

In a statement, Mr Ron 
Wordley, HTV's managing 
director, said the deadline for 
accreditation had passed. In 
the circumstances, HTV would 
be unable to provide joint 
coverage with the BBC of the 
Pope’s visit to Cardiff. 

There were attempts yester- 
day to resolve the dispute, but 
after a meeting of HTV’s ACTT 
members a spokesman said that 
there was no change. 


Fresh EEC ideas sought 
on regional development 

BY -ANTHONY MORdON, REGINALD. AFFAIRS EDITOR' • 


THE TIME has come to con- 
sider bow regional development 
within the European Community 
can be revised. Professor Stefan 
Mnsto, of toe Deutsches Institut 
fur Entwicklungspolitik, Berlin, 
said in London yesterday. 

More attention should be paid 
to toe problem areas in the 
south of the Community, especi- 
ally toe new member states, he 
commented. 

Professor Musto was address- 
ing toe final day of toe Regional 
Studies Association’s con- 
ference: The Changing EEC 
Context for Regional Develop- 
ment. 

The problem, he said, has 
been that measures taken to 
assist the Jess-favoured regions 
have been conceived individu- 
ally ‘without considering the 
basic guidelines for economic 
policy overall." 

The economic growth model 
offered by the highly developed 
industrial regions at the centre 
of the EEC could not be applied 
carte blanche to the problem 
areas, such as Italy's Mezzo- 
giorno because the level of need 
in the poorer areas was at least 
partly attributable to the econo- 


mic growth policy of toe indus- 
trial region*. 

It was essential. Professor 
Musto stated, that national and 
Community policies should be 
undertaken only after their 
consequences for the regions 
were folly considered. 

Professor Peter Hall, of the 
University of- Reading, said 
strong changes were taking 
place within the economic geo- 
graphy of Europe. The centre 
was becoming richer by com- 
parison with toe periphery. 
Central regions had economic 
structures dominated by 
advanced, high-technology in- 
dustries and producer services 
while toe periphery was dom- 
inated by labour-intensive manu- 
facturing. 

The more advanced EEC 
countries now faced an “ almost 
impossible policy dilemma” — 
how to help the new member 
states to improve their com- 
petitive positions while dealing 
with toe regional impact of toe 
recession 

During the expansionist 1960s, 
the Community worked well 
enough, but an enlarged EEC 
now faced new- burdens without 
toe requisite resources. 


Labour warns 
it would fight 
‘unfair’ poll tax 

By Elinor Goodman,- •• 

Political Correspondent 

THE ‘ Labour Party would 
fight tooth and nail any moves 
by toe Government to intro- 
duce a poll tax as a substitute 
for domestic rates, Mr Gerald 
Kaufman, Labour’s spokes- 
man on the environment, 
warned last nighL 
The . Government has 
already bad to abandon its 
hopes of abolishing toe rating 
system altogether, but there 
has been speculation recently 
that it might try to reduce 
tiie rate* burden and Intro- 
duce a poll tax to - make up 
the lost revenues. 

There was a- considerable 
opposition, to this idea within 
the various local government 
associations and last night Mr 
Kaufman said a poU tax was 
toe most unfair lax there 
eonld be. It was based not on 
ability to pay, nor on value 
of property, nor wealth, nor 
any other objective criterion. 

It was an equal tax on every 
elector reganfless of means, 
he dataied, and that meant 
toe poorer toe elector, the 
heavier toe. tax. 


Future ‘looks bleak for 
some motorcycle dealers’ 


BY JOHN GRIFFITHS ' 

THE FUTURE of many smaller 
franchised motorcycle dealers 
looks bleak miless certain major 
manufacturers change .their 
policies, according to the latest 
financial, survey published by 
Inter Company Comparisons. 

The ICC survey reports on 
271 UK dealers, about 13 per 
cent of the total. • 

The UK market is dominated, 
by Honda, Suzuki, Yamaha mid 
Kawasaki of Japan who between 
them account for 90 per cent 
of sales. 

The report does not name 
manufacturers, but of those 
surveyed. 75.3 per cent increased 
turnover last year compared 
with 1980, only 4JL7 per cent in- 
creased profits, and more than 
a fifth traded at a loss. Nearly 
a quarter saw turnover falL 
“This mediocre performance 
becomes more understandable, 
however, when one considers 
the pressures the dealers are 
under,” the report says: 

Although motorcycle sales 
last year fell by about one-sixth 
— sales of mopeds rose only 
marginally — this was from a 
record 315,000 in 1980. TUs 
istsll high sales . level was 
achieved through a fierce. 


• recession induced price war. 

Manufacturers cut retail 

• prices. . But whereas large 
; dealerships were then well- 

placed to negotiate better terms 
from toe makers, smaller 
, dealers were forced to pass the 
discounts on to toe public, re- 
; during, their profit margins to 
1 uneconomic levels. 

** Price-cutting means that 
stocks already held can be sold 
; by dealers at little or no profit 
The faU in sales has obviously 
■' meant that stories are not mov- 
-. ing quickly, which in turn 
means that new models, receiv- 
ing heavy advertising from the 
manufacturers, are not getting 
; immediately into shop windows 
. except those of the larger 
dealers. 

. ■ •* Some of the marketing 
techniques employed, by manu- 
facturers promise a level of 
back-up mid aftersales service 
which many . smaller dealers 
find it uneconomic to provide.” 

The report concludes that 
price-cutting policies must .be 
abandoned in favour of other 
aggressive marketing schemes 
■ Motor Cycle Dealers. £60.80. 

. Inter Company Comparisons, SI, 

’ City Road, London EC1Y BD. 


City sponsorship puts London on the world chess map 


A 1 SUPREME example of toe 
oldest of ail war games is now 
taking place - just across the 
water from the House of Com- 
mons, at County' Hall. On Thurs- 
day the first pieces were moved 
in one of the strongest chess 
tournaments in history. Among 
the host of Grandmasters taking 
part are Anatoly Karpov, the 
world champion, and Boris 
Spassky, players known even to 
those who have never lifted a 
pawn in anger. 

Ten years ago it would have 
been almost unthinkable for 
Britain to have- staged such an 
event. Its home players would 
have been massacred, and top 
finances required would not 
have been available. But in the 
last few years England has pro- 
duced players capable of beating 
the best in the worlds supported 
by a growing chess sponsorship. 

The cost of toe tournament — 
over £40,000— is being met by 
the stockbroking firm of Phillips 
and Drew. It is the brainchild 
of partner Mr Frank Leonard, 
himself a very keen chess 
player. 

The tournament has a British 
record prize fund of £12,750. 
Mr Leonard is less keen to dis- 
close what the players receive 
■for appearing, saying only that 
“there are differentials.” Accord- 
ing to William Hartston, toe 
former British chess champion, 
“Karpov usually asks for about 
£ 2 . 000 ." 

Karpov will be odds-on to win 
outright But so was Korchnoi 
before toe last Phillips and 
Drew tournament in 1980, and 
he had to share first prize with 
two other players, one of whom 
was Tony Miles, who thus re- 
corded the best tournament re- 
sult by an Englishman this 
century. 

Phillips and Drew’s largesse 
is only toe most recent link in 


Dominic Lawson 
reports on the 
money and the 
players involved 
in Britain’s 
£40,000 tournament 

a sponsorship chain which 
originated from a more colour- 
ful financial source — Mr Jim 
Slater. Mr Slater, who claims, 
€ T had become & very good 
player and could have gone on 
to greater things if I had 
derided to make it a career,” 
donated £50,000 to double the 
prize fund for the Flscher- 
Spassky match, in 1972, thus 
enabling it to go ahead. 

Fischer has not been seen at 
a chess board since he beat 
Spassky, but Mr Slater’s support 
for British chess has had a more 
lasting effect 

To make a decent living from 
chess, a player needs to acquire 
the title of "Grandmaster." At 
the time of the Fischer-Spassk* 
match, no British player had 
ever attained such heights. In 
December 1972 Mr Slater, on 
behalf of the Slater Foundation, 
offered a prize of £5,000 to toe 
first Briton to become a Grand- 
master and £2,500 to each of 
the next four. 

Since TBr Slater's offer, five 
British chess players . have 
gained the title, thus joining 
the elite of toe chess wuid- Mr 
David Anderton, president of 
the British Chess Federation, 
is effusive: “Slater did a 
tr emend ous amount . Bis sup- 
port helped to create a 
generation of British chess 
professionals.” Mr Slater** own 
reaction ? “ Ilfs marvellous what 
a bit of money will do." 


Most of Britain’s chess, 
sponsors come from toe City 
rather than from the major 
industrial companies. Apart 
from. Phillips A Drew, these 
include Uoyds Bank, Grieveson 
Grant, toe stoctib raking firm, 
and Duncan. Lawrie. the corpo- 
rate finance company. 

. Dr Ronald Johannes, an 
ex-England junior chess inter- 
national, is toe guiding force 
behind Grieveson Grant’s 
£15, OOO-a-year sponsorship of 
the British Chess Champion- 
ship. He explains toe City’s 
connection with «hess: “ A 
number of City firms -were 
looking around for something 
to sponsor, and chess appeals to 
our corporate image.” 

Though too game of chess 
may fit in weH with such films’ 
images of themselves, chess 
players have gained a 
reputation for wayward 
behaviour which could hardly 
be expected from a banker or 
stockbroker. 

The popular conception of 
toe chess player -as an eccentric 
was reinforced by the wriJr 
publicised tantrums of Bobby 
Fischer. More recently, toe 
public has witnessed toe strange 
gotags-on between Anatoly 
Karpov and Viktor Korchnoi, 
involving saffron-robed Indian 
mystics, mysterious Soviet para- 
psychologists, and accusations 
of kicking under toe table and 
toe use of colour-coded yoghurt. 

.Jim Slater, for aH his enthu- 
siasm for the game, doubts 
whether chess players can ever 
be marketed as popular heroes. 
He describes them as “ a grace* 
les lot." But William Hartston 
(author of How to Cheat at 
Chess) is more optimistic, 
arguing that “ nothing fires toe 
popular Imagination as iwnwh as 
success." 


It may be tfhat toe motives of 
many British chess sponsors 
hove little to do with commer- 
cial concepts such, as corporate 
image, publicity or prestige. As 
Hartston points out: “In most 
cases of chess sponsorship, 
there is a keen chess player at 
the top of the company in- 
volved. It is philanthropicaBy 
intended.’* 

Hartstoo’s theory of a fifth 
column of chess activists at toe 
top of a number of British com- 
panies gains support on a global 
scale from Leonard Barden, 
British chess champion, in 1954 
and a key figure in the toess 
sponsorship of Lloyds Bank and 
the Slater Foundation. 

Barden insists that the exten- 
sive state support for chess in 
Hungary, on a scale unmatched 
outside toe Soviet Union, has 
much to do with the fact .that 
the head of state. Janos Kadar, 
is a chess enthusiast He also 
argues that - toe phenomenal- 
rise of chess in toe Soviet Union 
cannot be explained without 
reference to Lenin's keen 
interest in toe game. 

The only man to have played 
a chess game w&h Bobby 
Fischer since 1972 is President 
Marcos of toe Fhilhpmes. 
Marcos' passion for the game is 
toe chief factor behind has 
country's massive state support 
for chess, including the staging 
of toe 1878 worid championship 
match at a cost of about £2 hl 

But the . country with most 
chess players relative to popu- 
lation in the world is Icela n d. 
Their enthusiasm is usually 
attributed to toe long, dark 
winters. 

The extent of Government 
sqppoet for chess in Britain is a 
sore pomt with toe chess-playing 
community. The Sports Council 



Trevor Humphries 


Nigel Short, aged 16, dining his 
opening-ropnd draw .with world 
champion AnaSoIjrKarpov. 

does not recognise chess as a 
sport • “ It does not ‘ involve 
physical recreation. You may 
as well call rose-growing a sport 
We have had frequent corres- 
pondence with the British Chess 
Federation on this matter, but 
they SO longer hammer an pur 
door," says Mr Denis Wade, of 
the Sports Council. And so, un- 
like other “ sporting'' events, 
chess tournament entry toes are 
subject to VAT. 

The only state support for 
chess — a grant of about £25,000 
a yearn— from, toe Depart- 
ment of Education and Science. 
A Department official admitted 


that toe situation was 
“anomalous." 

The problem cs that dress as 
seen by toe public as an int&lec- 

- tuad pursuit rather than as a 

■ sport Hartston, who is a com- 
mentator on toe BBC TV pro- 

■ gramme. The Master Game, 

. admits: “We are - getting 

audiences of 1.5m, but chess is 
being presented in far too elitist 
a manner. The emotional and 
sporting aspects are under- 

■ played, while the technical 

■ aspects are oversbeessed . . . toe 
type of person who plays dhess 
at the top -level in this country 

■: has changed completely. It used 
. to be dominated by failed 

- academics— like me. Now there 
:! are far more of what you might 

call physically unfit sporting 
. personalities." 

The income of chess profes- 
■’ slonals does sot compare 
favourably with -other sports- 
men. “The top 20 in the world 
snake a' good living. Outside 
that, they are pressed to make 
£10,000 a year from, pushing 
wood," says Hartston. 

However much chess sponsor- 
ship has grown in Britain, it still 
falls far short of toe level if has 
reached, in Holland* toe UK’s; 
chief West European rival in 
the baffle for tournament first 
prizes- 

Ixi Hollaod chess . is re cog- 
nised as a sport and as such 
gets about £160,000 a year from 
government Chess Is taught 
in Dutch schools from the age 
of eight The country bolds 
about 12 international chess 
tournaments a year. 

One of these is organised by 
the Hoogovens steel company, 
at an annual cost o£ about 
£55,000. Last year toe com- 

- pany. .made. a : -pre-tax -loss -of. 
about £64m, but the event went 
ahead. 


Some employers ‘do 
not think dosed 
shop hits economy’ 


BY JOHN. LLOYD, LABOUR CDTPOR 


AN EMPLOYMENT minister 
admitted yesterday that some 
employers do not believe closed 
shops d aTnft f a the economy. 

Mr David Waddington, ah 
Undersecretary for Employ- 
ment, also obliquely attacked 
toe impartiality of Lord 
McCarthy, who is chairing a 
highly sensitive inquiry by toe 
Railway Staffs’ National Tri- 
bunal into train drivers’ roster- 
ing. • 

In a speech to toe Institute 
of Personnel Management at 
Oxford, Mr Waddington said: 
“The economy Is damaged by 
the degree of power which toe 
closed shop gives to trade 
unions. Some employers would 
disagree but those on the 
trade- union side of the argu- 
ment, such as Lord McCarthy, 
have no doubt that toe advant- 
age of toe closed shop Is toe 
power it gives to the unions to 
coerce employers and indivi- 
duals.” 

Mr Waddington is thought 
likely to haye in nand Lord 
McCarthy's pioneering study. 
The Closed Shop in Britain, 
written is 1964. In a passage, 
Lord McCarthy says that “ toe 
closed shop is an important and 
sometimes essential device 
which adds considerably to toe 
power of unions to coerce and 


restrict the freedom of action 
of both . employers and 
•eunplojees." ’ . 

Mr Waddington said toe 
Employment Bill,, ."which 
narrows union immunities and 
makes •unions liable for toe 
unlawful acts of their officials, 
were “based on toe principte 
that if you make people legally 
Habile for the consequences of 
their actions you make -toem 
think more about these actions 
and the damage: ; they •" can 
cause." 

He said toe All “ may not seem 
immediately relevant” to Ibose 
employs who bad no experi- 
ence of dosed shops; or of 
union labour only requirements. 
However, consultation: , before 
toe Bill was : published had 
shown these areas gave rise to 
concern. 

“After the ludicrous exag- 
gerations of the recent TUC 
special conference .. on toe 
Employment BflL we would all 
do well to spend a littje tone 
taking a cool look at what the 
BiH actually does. It must be 
seen as part , of a continuing 
process of reform loosening toe 
grip of toe closed shop, pushing 
back the frontiers of immunity 
and curbing some of the most 
unacceptable forms of' industrial 
action.” 


KR workers fear closure 
of engineering workshops 


BY BRIAN GROOM, LABOUR STAflF 


UNIONS WILL bold urgent 
talks with British Rail En- 
gineering (BREL) on. Thursday 
about proposals to shed up to 

6.000 jobs by 1986. They fear 

some of toe 12 railways work- 
shops win dose. • .-...■ 

Some 4,000 of BREL’S 50.000 
workers may have to go this 
year, as well as 'the 1,000 to 

10.000 reduction planned in toe 
main railway work-force of 
170.000. 

The workshop cuts — which 
stem from falling business for 
BR, toe recession and a failure 
to win adequate export orders 
— were disclosed by Sir 'Peter 
Parker, British Rail chairman, 
at a meeting with unions this 
week. -r 7 ... 

He also disclosed a forecast 
of a £165m group [trading; loss 
for 1982 — more than three 
times toe likely figure for 198L. 
Two-thirds of it would be attri- 
butable to the train drivers’ 
strikes earlier this year. . 

A special two-day meeting of 
management and tinians. in the 
Rail Council is HJcely to discuss 
toe railways’ plight in late May 
or early June. If pay talks this 
year and the wrangle with toe 
drivers’ union Aslef over 


flexible rostering are resolved 
by then, a meeting may be 
sought with Mr David HoweH, 
Transport Secret®?. ■ 

Mr Howell '• will hot toscuss 
xaH investment with toe umms 
until the dispute is solved. The 
railway staffs' national tribunal, 
chaired by :Zxud McCarthy, : is 
understood to be due to meet 
on Friday to consider the issue. 
• London Transport may face 
trouble with its 18,00(1 bus 
workers over puts in fobs and 
services that 1 result from, toe 
Law Lords’ riding against cheap 
fares, and over. pay. • 

Transport -and . C e tier al 
Workers' Union representatives 
from LTs 64 garages will meet 
next week, to decide oa'aetion 
against service-cuts planned for 
July. •• v " ■ 5 ." ‘ : * : 

The union’s London .bus com- 
mittee is recommending^ a re- 
fusal to discuss toe cuts with 
London. Transport, but there 
may be calte for , industrial 
action. ~ 

- TGWU leaders also believe 
industrial actum could sot be 
ruled out if LT were to refuse 
to offer pay rises above its 
budgeted 5 per cent Talks are 
to begin on April 27. 


Power workers’ 
pay stand may 
not mean strike 

THE UNOFFICIAL power 
workers' shop stewards’ com- 
mittee -released a cautious 
message today to the 90,000 
electricity supply manual 
workers recommending rejec- 
tion of the Electricity Cann- 
es's “final" pay offer. -Mr 
Dave Smith toe. committee 
chairman, emphasised that re- 
jection did not mean auto- 
matic strike action. 

He said: “We have 'a moral 
obligation to maintain the 
grid. We’re not in toe busi- 
ness of killing people off." 

Power workers will start 
voting on toe offer in a 
national ballot next week fol- 
lowing last month’s non- 
acceptance by the four unions 
involved. 

The offer ranges from £5.37 
for a labourer earning £99-34 
a week to £9.17 for a top 
craftsman on £128.78. The 
unions have estimated that it 
would add IS per cent to -the 
Pay bill. 

. After an initial claim of 12 
per cent the' joint union 
negotiators, representing the 
General and Municipal wor- 
kers’ Union, toe Electrical 
and Plumbing Trades Union, 
the Amalgamated Union of 
Engineering Workers and the 
Transport and General Wor- 
kers' Union, caned tor in- 
creases In Haeirtth 'toe best 
in the public sector. The 
miners got an average rise 
of 9.3 per emit. 


Shell workers 
plan to fight 
against closures 

UNION REPRESENTATIVES 
from Shell UK axe to meet hi 
Maa&ester on May 36 to draw 
up plans to. fight any further 
closures and job los s es: •. 

The meeting is a sign of con- 
tinued union anxiety; about 
redundancies caused 'by.' over- 
capacity in the -oft and chemi- 
cals industry. " Representatives 
from other companies have 
been invited to " attend as 
observers. 

Mr KeSto Willey, managing 
director of Shrill Chemicals, ha a 
-agreed to meet canon leaders at : 
the Carrington- complex, near 
Manchester, Ao discuss : ititeir ‘ 
fears. 

Shop stewards say' they have | 
been told by Mr Wafley that 
plant closures are being con- 
sidered. and that drastic action 
will be taken at Shell’s locations i 
if they do mot move towards t 
viability, ; 

Mr Ivan Drayton, co-orffimtor 
of toe Association of Scientific, _ 
Technical and Managerial Staffs 
at CaaTlngton, said toe com- 
plex's workforce — currently 
under 2,000— had .been halved • 
in toe last 10 yeans. : • 

The industry's problems in, 
toe last two years bave“brouglit 
toe closure of two- refineries— 
Burmati Ellesmere Port and BP 
Isle of Grain — several chemical 
plants, end job. cuts at other 
sites and in marketing opera- - 
turns. 


Nalgo leader. urges more 
union influence in EEC 


BY DAVID GOOOHART, bASOUR STAfF 


A GAIL for increased unkm In- 
fluence in toe European Com- 
muafcty was made yesterday by 
toe - feader of Briton’s biggest 
pubMc sector anion. 

Mr Geoffrey Drain, general 
secretary of the National Asso- 
ciation of Local Government' 
Officers said more bodies like 
the National Economic Deve- 
lopanent Council were needed in 
Europe so that . unions " could - 
bring' greater pressure on toe 
EEC Commasskra end toe 
CoamcSLof Ministers. 

Nalgo is one of toe few TOC- 
affiliated radons tool: . .support . 
the EEC. Mr Draftn’&.QB&ative 
-Is 'deariy. at qddfi- wtth offirial 
TUC policy oh withdrawal. 
SpgaMng at -a news confer- 


ence in London he said: "IS* 
EJSp is. a reality and vtoeliher- 
one wtete tesfcayinor damewri 
toe fact isjtheir detiaipos affect 
workers in tois aumtiy.'*. 

Mir Drain, wboJs president of 
the European ' public services 
committee of. .toe worldwide 
union organisation; Public Ser- 
vices International wtfl benio*- 

ing a resolution m European 
tripartism at . 'next itikk/s -meet- 
ing of the Europeafi-TUC is The 
Hague. . 

• The resolution says ^ Repre- 
sentative trade'- - tamons- most 

dp ate tntoe'preparetofy 
of connnitteBs' and other spoor 
allsed structures of toe EEC.” 






: Financial Times Saturday April 17 19S2 


THE WEEK IN THE MARKETS 


Closing all water-tight doors 


In the four -days of post* 
holiday trading, shuttling diplo- 
macy was not enough to quell 
the markets' nervousness. A 
week ago. when, the institutions 
were still prepared to grit their 
teeth and treat the Falkland* 
as a buying opportunity, equities 
came surprisingly close to shrug- 
ging off the political uncer- 


yields have risen by almost 
three-quarters of a point since 
the market peaked on March 23. 
At the other extreme. . the 
cautious wish of money market 
operators to hold the most 
liquid assets actually had the 
perverse effect of driving down 
very short rates — although that 
was eventually reversed by a 


LONDON 

ONLOOKER 


the Monopolies. Commissions 
also doused the flames that 


were less than 10 per cent lip 
at £47.2m and the 25 per cent 
rise in the interim dividend 
had to be watered down to a 
20 per cent gain for the vear 
as a whole. The shares fell'fur- 
ther as the figures were 
digested. 

The retail banking opera- 


hnttty* That, ground has now severe market shortage. Eves 

so, it was a fair demonstration 
of hatch-battening. 

Scottish slide 

Full year figures from Bank 
of Scotland this week did noth- 
ing to stem the downard slide 
in the share price. At the back 
end of 1981 competing bids for 
Royal Bank of Scotland spilled 
over into speculation that Bank 
of Sctoland too would soon lose 
its independence. The shares 
were chased up as high as 54Sp. 
In slamming the doer shut 
on the bids for Royal Bank of 


been "ceded all over again, 
although late yesterday there 
were signs of a modest revival 
in sentiment 

. .'There were larger sellers this 
week than last — thia being the 
moment chosen to reorganise' 
some investment trusts — and 
sizeable lines of stock had to be 
placed. Trading ' was other- 
wise thin. 

Since the crisis began, the 
stress upon sterling has made 
for almost constant upward 
pressure on interest rates. Even 
at the longer end, gilt-edged 


fanned the Bank of Scotland’s tions are blamed for the second 
price. The shares started to half setback. The bank had to 


fall back and before this week's 
preliminary announcement they 
were down to 423p. - 
Yet even though bid hopes 
had evaporated, the price was 
still supported by City expects- 


sit back and watch its margins 
being squeezed as lending ex- 
panded but branch deposit 
levels started to decline. 

Before the speculative rise 
last year Bank of Scotland 


MARKET HIGHLIGHTS OF THE WEEK 


Price 

-Change 

i98m 

i9sm 



y’dajr 

on week 

High 

Low 


FT. fnrf. Ord; Index 

550.7 

— 9A 

579.8 

518.1 

Small selling in unwilling markets 

Abe rthaw Cement 

344 

4-19 

375 

310 

Better-ti»n-cxpected results 

Atkins Bros. (Hosiery) 

71 

+ 6 

73 

54 

Press comment 

Bank of Scotland. - 

395 

-28 

■SIB 

395 

-Disappointing results 

Camrex 

48 

+ 8 

49 

37 

Strong profits recovery 

Cawoods 

280 

-17 

300 

192 

Agreed merger with Red land 

Channel Tunnel 

95 

-35 

230 

85 

Adverse comment 

Empire Stores 

92t 

+ 10 

’ 92 

68 

Talks with GUS 

Global Nat. Resources 

70S 

-125 

835 

435 

Profit-taking 

GUS A 

47ft 

-17 

525 

■ 430 . 

Talks with Empire Stores 

Hanson Trust 

145 

-14 

163 

137 

Profit-taking 

Hawker Stdddcy 

296 

-10 

350 

290 

Results due next Wednesday 

Lloyds Bank 

412 

-13 

SCO 

4B8 

Concern about Argentine assets 

LASMO 

312 

-33 

423 

260 

Cawoods /Red land merger 

Lyle Shipping 

240 „ 

-20 

322 

240 

Chairman's bearish statement 

MEPC 

200 

-13 

244 

200 

Fears of higher interest rates 

Peart Assurance 

382 

-24 

416 

37D 

Disappointing annual results 

Pent low 

- 85 

+15 

85 

48 

Acquisition of property company 

Shell Transport - 

378 

■ —16 

400 

334 

Lack of interest 

t Price at suspension. ... 



tions that profits for the year to Shares tended to yield half 
February would be somewhere 
between £51m and £53m — 
against £43.3m. 

When the bank reported a 23 
per cent profit advance for the 
half way stage it warned that 
it might be difficult to maintain 
that level of growth. 

With a flm downturn in the 
second half full year profits EoTUX blip 

Sodium perborate might not 


percentage point over the sector 
norm. Even after, the shake out 
since Christmas, which has 
wiped a quarter off the market 
capitalisation, the yield is still 
below average — a rating that 
this week’s figures do little to 
justify. 


IIOi 


I05h 


lod 


BMK OF SCOTLAND 



1980 


RBJJMZTO 

n-jumwiBES. 

BANKS INDEX 


1981 1982 


tions have -pushed up capital 
gearing to nearly 40 per cent, 
the balance sheet is not under 
strain. The maintained divi- 
dend was covered 2.G times. The' 
shares west' up a bit on - Fri- 
day and at 423p, the yield is 
about 5.5 per cent. 


BUILDING SOCIETY RATES 



Deposit 

Share 

Sub'pn 


rate 

accounts 

shares 


% 

% 

% - 

.Abbey National 

S.50 

8.75 

10.00 

Aid to Thrift 

9.55 

9.80 


Alliance - 

’ S.50 

S.75 

10-00 

Anglia 

8-50 

8.75 

10.00 

Bradford and Bingley 

S.25 

8.75 

10.00 

Bridgwater . 

8.50 

S.75 

10.25 

Bristol Economic 

&SO 

S.75 

10.00 

Britannia 

S.50 

8.75 

10.00 

Burnley 

tS.50 

S.75 

10.00 

Cardiff 

S.50 

39.25 

1(U5 

Cardiff 

— 

10.00 

— 

Catholic 

10.00 

9D0 

10.00 

Chelsea 

S.50 

S.75 

10.00 

. Cheltenham and Gloucester 

S.50 

S.75 

10.00 

Cheltenham and Gloucester 

— 

8.75 


Citizens Regency 

— 

10.00 

11.25 

City of London (Thel 

S.75 

9.10 

10.25 

- Coventry Economic 

S.50 

8.75 

10.25 

Derbyshire 

S.50 

S.75 

10.00 

Ealing and Acton 

SJ50 

9.25 

— 

Gateway - 

S-50 

S.75' 

10.00 

Gateway 

— 

9.75 

. — 


— 

S.S5 

10.10 

Guardian 

S.50 

9.00 

— 

Halifax - 

8.50 

S.75 

10.00 

- Heart of England 

8.50 

S.75 

10.00 

Hearts of Oak and Enfield ... 

8.50 

9.00 

10.50 

Hendon — 

9.00 

9.75 

— 

Lambeth 

8.50 

9.00 

1050 

Leamington Spa 

8.60 

S.S5 

11.93 

Leeds and Hnlbcck 

S.50 

S.75 

10.50 

Leeds Permanent : 

8.50 

8.75 

10.00 

Leicester 

8.50 

8.75 

10.00 

Liverpool 

9.50 

9.75 

11.05 

London Grosvenor ...... ...... 

9.50 

10.25 

12.00 

Mornmston 

9:30 

9.80 

— 

National Counties 

S.75 

9.05 

10.05 

Nationwide 

S£0 

S.75 

10.00 

■ -Newcastle 

S.50 

8.75 

10.00 

‘ New IJross ....: * 

9J50 

9.75 


Northern Rnrk 

850 

S.75 

10.00 

Norwich ; 

930 

9.75 

11.25 

- Paddington 

9-25 

10.25 

11.75 

vPtekhain Mutual 

8.50 

950 

— 

Portsmouth - 

; SS5 

9.05 

10-55 


Property Owners - 

Provincial 

Sklptnn 

Sussex County ..... 

Sussex Mutual 

Town and Country 


WcsrtX . 

Woolwich 


9.75 

5.50 

8.50 
$.75 

5.75 

5.50 

-7.75 

&50 


8.75 

8.75 
9.00 
9.25 

5.75 

9.50 

$.75 


10.00 

10.00 

11.25 

10.75 

10.00 


*Term shares 

- % . 

10.75 6 years sixty plus. 1055 1 year 
high option, 9.25-10.75 1-5 years 
open bondshares 

10.75 5 y* 10.25 4.7-. 10.25 £500 min. 
2 m. not" or £100+60 d. int. pen. 

11.00 6 yrs., 9.75 1 mth. ndL Int. loss 

9.75 1 month's notice 
10.75 5 vre., 9.85 21 yrs; 

9.50 8 months’ notice and 9.75 on 
balance or £10,000 and over. 
Escalator shs. 9.25-10.75 (1-5 y.) 
10.25 4 yrs, 10.00 2 months’ notice 

10.75 5 yrs., 3 mth. not: 9.75 1 m. not 
9.50 on bat.: £3,000-10.000; J to £3.000 

— £10,000 and over 

10.00 deposits at 6 mths.’ notice, 9.25 
on share balances of £5,001+ 

11.00 3 yrs. — 90 dys* not. on amt. wdn. 

— Gold Account. Savings of £1,000 
or more (8.75 otherwise) 

12.00 5 yrs, 11.05 3 mths.’ notice a/c, 
11.30 6 mths.' notice a/c 

10.25 Capital City shs. 4 mths.’ notice 
10.50 4 yrs, 10.25 3 yrs, 10.00 3 mths. 

9.25-9.85 (3 months’ notice) 

9.90 2 yrs, £2,000 min. 

.10.75 5 yrs, 10.25 4 yrs, 9.75 3 yrs. 

■— Pius a/c £500 min. Int f-yearly 
10.85 5 yrs., 10.10 3 months’ notice 
10.75 fil mth, 10.25 3 mth, £1,000 min. 
10.75 5 yrs, 3 mths.’ wdl. notice 

— 3 mths.’ notice 8.75 5 yrs. 10.75 
10.75 5 yrs, 10.25 6 mth, 10.00 4 mth. 
10.50 6 mths, 10.25 3 mths. 

U-00 5 yrs, 10.75 6 months’ notice 
10.35 1 year 

10.75 5 yrs, 9.75 1 mth. int.' penalty, 
10.75 3 yrs, E.L a/c £600 min. 9.75 

10.75 5 yrs, 10.25 4 yrs, 9.75 3 mths. 

11.75 5 yrs, 10.80 1 mth. int- penalty; 

10.75 3 months’ notiee 

9.75 35 days’ notice min. dep. £500, 
10.15 6 mths. min. dep. £500 
10.75 5 yrs, £500 min. 90 days’ notice. 
Bonus a/c 9.75 £1,000 min., 2S 
days’ notice 

10.75 4 yrs, 9.75 3 mths.* notice, or on 
demand 28 days’ int penalty 
9.75-10.50 on share aces, depending 
an min. balance over 6 months 
10.75 5 yrs, 10.25 4 yrs, 9.75 3 yrs, 

10.75 3 yrs, 10.50 2 yrs. 

11.25 Loss 1 month int. on sums wdn. 

10.00 2 y, 10.5 3 y, 11.0 4 y, 9.75 Bns. 
11.10 (5 yrs.) to 10.50 (6 mths.) 

11.75 4 yrs, U-75 6 mth., -11.05 3 mth. 

10.76 3 yrs, 9.75 1 month 
9.85*10.00 28 days' interest penalty 

JO.00 instant withdrawal option 
9.50-10.75 all with special options 

11.00 5 yr„ 10.75 3 yr. 60 d. wdL not, 
10 2 mUi. nou/25 days’ int. loss 


Yorkshire 

formerly Huddersfield & 
Bradford and West Yorkshire 


10.00 10.75 90 days (int. loss), 9.75 immed. 

access (int. loss) or 28 dys.’ not. 
S.50 8.73 10.00 10-25 5 yrs, 10.25 4 yrs., 9.75 3 yrs, 

9.25 2 yrs, 10.00 Golden key 2S 
days' penalty Interest 


* Rates normally variable In line with changes in ordinary share rates, t From May 1. 

AH those rates are after basic rate tax liability has been settled on behalf of the ihvestor. 





3 

4' 

5 

e 

7 

8 

9 

10 

[interest?® 

i3 a 

»» 

13 VS 

2314 

23 Hr 

23» 

I3K 

1394 



mean much to most people, but • r 

to Rio Tinro-Zinc it meant more Empire Conundrum 
than half of irs net income in 
what was otherwise a rather 
grim year. 

All RTZ’s base raera? opera- 
tions were much less profitable 
in 1981. The Australian group. 

CRA. led the pack with net 
profits plummeting io about a 
tenth of their 1980 leveL But 
the zippy performance of Borax, 
its sodium perborate company, 
allowed RTZ to hold its net 
income decline to just 34 per 
cent, showing £102.3m against 
£1 55.4m in 1980. 


Sodium perborate, minded 
primarily out of the California 
desen, is the basis for a host 
of products ranging from soap 
powders to glass fibre. Borax 
recently increased its plant 
capacity and has found that its 
markets are apparently reces- 
sion-proof. The company doubts 
whether its 50 per cent profit 
increase is repeatable bur 
expects profitability to be main- 
tained. 

RTZ now has to hope for 
some improvement in metal 
prices— a £10 increase in copper 
on the London Metal Exchange 
would send flm straight 
through to net income. In the 
meantime, RTZ is likely to 
benefit bv some £15m to £17m 
after financing costs on the 
Ward/Tunnel takeovers. The 
double acquisition should also 
allow RTZ to relieve £30ra of 
previously unrelieved ACT. 

Although the cement acquisi- 


Close scrutiny by the Office 
of Fair Trading is almost inevit- 
able if, as the City believes.. 
Great Universal Stores is pre- 
paring a bid for catalogue man 
order group. Empire Stores 
(Bradford). 

The two sides are already in 
talks and Empire shares were 
suspended on Wednesday morn- 
ing at 92p. Both companies 
spoke vaguely of farming closer 
relationships and the dis- 
cussions continue. 

Any relationship, however, 
would only enhance GUS's 
already formidable power in the 
mail order sector. Through 
catalogues like \hose of Kays, 
John England and Great Uni- 
versal GUS claims a 40 per cent 
share of the market. Empire 
probably controls a further 
6 per cent so a conventional 
bid may well pose questinns for 
the Government's competition 
policy. 

The stock marker, on. the 
other hand, believes thoi GUS 
has been asked by Empire to 
mount a rescue. Harold Bow- 
man. joint managing director of 
GUS. let a tiny shaft of light 
into the nature of the discus- 
sions when he alluded to 
Empire's request for help 
against a background of a very 
diffieult market for mail order 
goods. 

Empire revealed the extent 
of recent pressure last autumn 
when, in the wake of a 6 per 


cent fall in sales volume, its six 
months profits crashed from 
£2.Q7m to £312,000 before tax. 
Its attempts to arrest the 
volume slide included a drive 
to recruit’ new agents— to The 
selling team but, as City ana- 
lysts were pointing out during 
■ the week, recruitment usually 
brings with it an increase 'in 
bad debt exposure. 

Brokers' forecasts J&r the full 
year have recently been, pitched 
in the £2m to £2.5m bracket but 
the outlook cOuld very well 
have changed, and perhaps the 
eash position is more, relevant 
than the profit outturn. 

Builders f blocks 

Building contractors were the 
strongest sector of the stock 
market in 1951, outperforming 
the All-Share Index by nearly a 
quarter, although the profits 
which contractors were able to 
report were often something 
less than dynamic. In recent 
weeks, stockbrokers who study 
the building industry have been 
looking for an upturn in the 
house-building cycle, and re- 
directing investors towards 
housebuilders themselves and 
the manufacturers of such items 
as bricks, tiles and plaster- 
board.’ 

The impression that things 
might be starting to move was 
strengthened by this week’s 
flurry or deals among building 
materials companies. 

Taylor Woodrow's pre-tax 
profits for the year ended tip 
at £24.001 compared with 
£24.Sm. Profits in UK contract- 
ing were more or less steady, 
and although there was a 
deterioration in UK -house- 
building, lhat was offset by a 
strong performance in North 
America. 


The taxman cometh 


NEW YORK 


RICHARD LAMBERT 


The main excitement in Wall 
Street this week lay in the lir*r 
quarter earnings statement 
from IEM, lhe sjiant tumpufer 
manufacturer. Share prices in 
general went nowhere, and 
there were good excuses for 
doing nothing. The budget 
discussions droned on in Wash- 
ington with no sign of an 
imminent bre.ik through. 

A growing stream of com- 
panies had a grim story to tell 
about trading in the fiist 
quarter of this year, and AAi 
International became the first 
major company to go under in 
the present recession. A day 
later it was followed by another 
office products company. Saxon 
Industries. 

Besides, most Americans had 
more pressing things to think 
about than share prices this 
week. Tiiiiisday was the dead- 
line for filing 1981 tax returns 
— an event which not only 
caused furrowed brows across 
the nation, but which also put a 
squeeze on the money markets 
as the Treasury's collection of 
income taxes drained out bank 
reserves. 

The key federal funds rat? 
edged higher, and heads Were 
being kept well down in the 
bond market ahead of the 
expected technical surge in the 
money supply figures. 

So thank goodness for IEM. 
Analysts had been shading 
down their forecasts for several 
months before the firs? 
quarterly report, which arrived 
on Wednesday. Their worries in- 
cluded the strength of the 
dollar, which has an adverse 
effect on the earnings figures, 
and the possible impact of a 
major reorganisation in IBM's 
marketing structure. 

The three U.S. divisions that 
marketed larger computers, 
smaller computers and office 
products have been consol id:, red 
two new divisions, ami a si ire l? 
maketing team can now supply 
all of a customer's product 
needs. 

That all sounds very nice on 
paper, but how much was it go- 
ing to cost? The genera] ex-pee- 
tation was that earnings per 
■share for the first Three months 
would slip from SI. 25 to 
or less. In the event, the com- 
pany came in with 51.30. spark- 
ing a lot of activity and a useful 
rise in the share price. 


The hope now is that earnings 
will accelerate ai current rales. 
t!> impact nf currency move- 
ments could be less painful over 
the rest of the year, and ship- 
ments of life powerful 3081 
model series should be picking 

up. 

Analysts Sandy Garrett of 
Paine Webber thinks earnings 
in ihe third quarter (a particu- 
larly dull period last time) 
could rise by mgr a third. 
The consensus view is that earn- 
ings far the year as a whole 
will rise from So.tJS to nearly 
per share. 

The reason for giving a little 
Though r to H2M is this. The 
equity marker as a whole still 
looks frail: The Dow Jones 
industrial average has rallied 
by mure than 40 points from 
last month's luw. hut the 
general direction is still far 
from clear. 

The mood an Wall Street 
seem* to be that if Ihere is a 
case for buying any thing, it 
probably points u> bonds — on 
the general view that if Unde 
Sam is prepared to offer you 
13.5 per t-fiit for 30 years, then 
if might just be worth taking 
io these uncertain times. 

On the equity from, there is 
incvc:.-ing recu^nitinn of the 
ai fractions of a strong balance 
sheet. That brings tis back to 
IBM. with its immense financial 
Mrenpih; ami sound earnings 
pt’i.-.prcts'. The prospective p/e 
if’ about 9.5 ami the yield is 
over 5 per cent. 

El sew nere. all the signs are 
that hit:.in£Ks activity remains 
at a low ebb. U.S. industrial 
oiimui fell by 0.S per cent in 
?Jar>:h. and conditions in a 
number of basic industries are 
still deteriorating. Aluminum 
Company ut' AurerkV reported 
that it had been running’ at 66 
per cent of rated capacity in 
the U.S. this year. It expects to 
continue destocking through 
lilfcl. followers of the bteel 
industry are beginning to fear 
that the second quarier could 
be just as grim as the first, 
when .shipment fell by a 
quarter. 

In the words of Treasury 
Secretory Donald Regan, who 
earlier this year was forecasting 
s roaring recovery in the late 
spring. * the economy is dead in 
the water.” 


MONDAY 841.32 -«3-62 

TUESDAY 841.04 -0.28 

WEDNESDAY 838.07 -2^5 

THURSDAY 837.61 -132 


Copper ready to head the recovery 


SOME of the metal prices have 
been picking up a little lost 
ground, notably gold and 
copper, but not enough to cut 
much ice in share markets. 
Reflecting the Falkland Islands 
crisis to a large extent, gold 
has recovered to the levels of 
two months ago while copper 
has done rather better. 

Against the background of 
present political uncertainties, 
there is no knowing what will 
happen next to the gold price. 
But politics are not the major 
factor in copper and there. are 


MINING 

KENNETH MAR5TON 


grounds for hoping lhat it is at 
last over the worst and is 
ready to lead the other metals 
into recovery. 

The implications are now 
sinking in of the huge produc- 
tion cutbacks that have been 
made, particularly- m North 
America by groups such as 
Phelps Dodge, the second 
biggest producer in the U.S. 
Faced with strained cash 
resources, such groups are 
having to stop mining copper 
at a loss. 

However, any real recovery 
in the base metals depends on 
a revival of buying by the con- 
sumers and this, in turn, 
awaits an improvement in the 
UA economy over which a 
great many doubts have been 
growing in recent Times. 

It is generally agreed that 
there will have to be a fall in 
U.S. interest rates before busi- 
ness really picks up there 
because new. spending plans 
are unlikely to go ahead when 
the cost of borrowing the 
necessary funds remains so 
high. 

The doubts over the U.S. 
economy have now strengthened 
to the point at which Mr Donald 
Regan, the Treasury Secretary, 
has admitted that it is not 
^etting anywhere and has im- 
plied that budgetary measures, 
which will curb expected federal 


deficits, will be needed to get 
the economy moving again. ’ 

.What will happen remains to 
be seen, but the more acute the 
official awareness of a problem, 
the belter are the chances of 
solving it. For this and other 
reasons, on optimistic view is 
taken by Mr J. Allen Overton, 
president of the American 
Mining Congress. 

A pick-up in copper prices 
would make a good deal of 
difference to Rio Tinto-Zinc this 
year. Each rise uf £10 per lonne 
in the metal price adds about 
£lm to the big UK-based 
natural resource group's earn- 
ings. It cuts both ways, of 
course, and the fall in copper 
coupled with the slump in 1981 
profits of the Australian CRA 
hit ihe UK parent hard last 
year. 

But borax soothed rhe pain, a 
highly versatile material which 
finds its way inlo a bewildering 
Tarieiy of applications in glass,, 
fibreglass, vitreous enamels, 
ceramic glazes. detergents, 
fertilisers, fire retardants, 
chemical processes. metal- 
lurgical Buses and many other 
industrial manufactures. 

Thanks to a record year by 
the U.S. RTZ Borax, earnings 
for 1981 of RTZ announced this 
week come out at £1 02.3m 
(about half from borax) com- 
pared with £ 155.4m In 1980 and 
the 16p dividend has been 
maintained. Considering the 

recessionary background this is 
a very creditable performance. 

RTZ Borax cannot be expected 
to do so well in the current year 
and with metal prices subdued, 
RTZ’s earnings are still declin- 
ing. fi would not take much of 
an upturn to reverse this trend, 
however, and with hopes that 
the U.S. economy will revive 
towards the year-end shares. of 
RTZ at 424p to .yield 5.5 per 
cent on the 2.6 times' covered 
dividend seem to be worth 
picking up again. 

Following RTZ*s recent 
acquisition of the Thomas W. 
Ward and Tunnel Holdings 
cement producers. Consolidated 
Gold Fields has amaunced this 
■week that its construction 
materials subsidiary, Araey 
Roat&tone Corporation has paid 


£37.6m for the aggregates 
business- of Bine Circle In- 
dustries. 

The deal is thought to raise 
ARC'S share of the UK dry 
aggregates market to about 15 
per cent from 12 per cent. 
Meanwhile,- ARC, whieh has 
raised its turnover from under 
£30ra in the late 1960s to over 
£425m, earns more than a 
quarter of its profits from out- 
side the UK and dearly hopes 
to make the must of the con- 
struction catch-up when 
economic recovery comes. 

The Bermuda .■ registered 
Hemerdon Mining and Smelting 
has decided that, economic 
recovery or not, it want&.to pull 
out of its half share in the 
Hemerdon Ball tungsten and tin 
venture in Devon where it is 
partnered with America's Amas. 

This week agreement has 


been reached whereby the Royal 
Dutch Shell group’s Billiton is 
to pay IIM&S 81m for an 
option to buy the Hemerdon 
stake for SI4m. The total of 
$1 5m equals about 155p. per 
share of HM&S, currently 
quoicd at around 5sp. 

Mr Bud Scbwarzwalder. chair- 
man of HM&S, has said that the 
net proceeds of the sale will be 
repaid tu shareholders, but rhe 
main condition to be met before 
Billiton exercises the option 
will be the granting of planning 
consent for The proposed mine 
at Hemerdon Ball. 

There seems little doubt that 
the necessary approval will be 
given but. :n all, it could take 
until 1SS4 or so before share- 
holders receive iheir money. 
However, ihe purchase price 
will be inflation-proofed in line 


with the U.S. consumer price 
index. 

If HM5.-S had decided to 
stay with its investment, there 
would have been an even longer 
wail lor any return on share- 
holders’ funds — quite apart 
from any new funds to be raised 
— because rhe propused mine is 
nut expected to reach the pro- 
duction siage before 1985. 

While welcoming a new and 
mure powerful partner at 
Hemerdon Ball. Amax has other 
mure pressing matters on its 
mind. Of particular concern 
nutit be the weakness in the 
market for the steel industry 
metal molybdenum. As the 
world's biggest producer of 
molybdenum. Amax is having 
to further reduce its output to 
about J .5 per cent of capacity. 
The group could now be dose 
to making qtianerly losses. 


RIO T1NTOZ1NC 




Brit 

Holdings 



Pre-tax profits rise by 45% 

Summary of Results: Year to 31st December, 1981 
Pre-tax profits up 45% to £4.2m (1980 £2.9m) 

Total ordinary dividend increased 50% to 1.5p net (1980 l.Op net) 
Earnings per share up 28% to 4.03p (1980 3.16p) 






The Rt. Hon. Geoffrey Rippon Q.C., M.P. 
makes the following points in 
his Chairman’s Statement: — 




Fund management division — ■ record sales and profits with over £500m 

under management. 

Sale of Mercantile House Holdings pic stake produced profit of£5.5m 
available for reinvestment. 

• 

Acquisition of Kir® & Shaxson Fund Managers Ltd in 1982 brought £30m 

under management. 

• 

Group planning to extend into further areas of Financial sendees in 3982. 

Annual General Meeting at theCarpenters Hall, I; Throgmorton Avenue, 
London, E.C.2. on Thursday, 13th May, 1982 ar“l2 noon. 


Copies of she A’mmaS Repoti and in formation .concerning ihe .i.rji hies .. : '.r.sr Group which si elude a wide’ 
. ’• range of unit (rwis and imevm'-vu managemcfti st.-vici", may m CKMair.cd Trom 

The Secretary, Britannia Arrow Holdings PLC, SaUsfcun, House, 31 Fin+ur, Circus London EC2M SQL. 



*“r< nn t+niCao 




. jFijfl^rial. ESaes Saturday ApcIl.UT 


fT 


YOUR SAYINGS AND INVESTMENTS -1 


a 


Lack of planning may mean you wit still suffer from Capital 
Transfer Tax: Rosemary Burr looks at escape- routes 


The five golden rules 


COMflIEIvTATORS MAY have 
already given the last rites to 
capital transfer lax but many 
people, partly through lack of 
planning, find they can stilTget 
clobbered for a hefty payment 
of this lax. There are five 
relatively easy -trays of cutting 
your CTT- bill which can help 
soften, the blow considerably. 

- Capital Transfer Tax is a tax 
on lire transfer oE anything of 
value between two people with 
the* exception of husband and 
Wife. If the UK U your home- 
land for lax purposes, then CTT 
applies Lo ■ the iraasfer of all 
, jcur assets ■ throughout the 
world. Anyone not domiciled 
in the UK is -still subject lo 
CTT on the transfer of UK 
; assets, with the exception of 
foreign currency bank accounts: 

J TiK-iing an your CTT bill is 

1 . complicated, as rt is frequently 

* ,* a ma'iici* fur your professional 

' advisers ant! -ibe Inland 

Reveuua to decide, on the basis 

• of ea*e histories, the exact 
value of the item you’ trans- 
ferred. The tax is levied oa tiie 
amount your estate is reduced 
by the iransacuan rather than 
the value of the i'lem lo the 
recipient. 

.For .example, if you hold 51 
per cent of a private company 
and transfer 5 pvr cent of your 
holding, then the reduction in 
your estate ;$ more than Hie 
value of a mere * per cent hold- 
ing.. For by disposing of this 
5 per cent you lose n controll- 
ing interest in the company and 
tbs value of the remaining 
•. shares is greatly cut. 

Usually CTT Is paid by the 
person making the transfer. 
However, fur. /wriam assets if 
the recipient nf the gift agrees 
to pay Uu! :ax on transfers 
made during the donor's life 
time, then the tax bill may in 
many instances' be spread over 
eight years without any extra 
inLercst charge provided the 
instalments are paid regularly. 
This applies to land and build- 
ings. unquoted shares and un- 
iucorpn rated businesses. 

There are tv;o different 
scales of CTT depending on tbc 
lime *>f the transfer. Gilts 
made during the donor's life are 
subject to lever ra-tes than 
transfer* at death or 36 months 
prior in .!«r.:h. 

The CTT on lifetime transfers 
varies from la per cent lo 
50 per cent. In the case of gifts 

• made at death, the rates start at 
30 per cent and - rise to 75 per 
cenr. 

if- you- are calculating the 
CTT liability- on transfers made 
during a lifetime then you have 
to pay CTT nnt only on the 
value ef the asset transferred 
hut also nn the CTT bill itself, 
which can substantially inflate 
the effective rate of tax. This 
does not lumpen in the case of 
gifts at death or where the 
recipient pays the tax. 

So hov.- can vuu reduce the 
burden of CTT? 

• Make use of your exemp- 
tions. Eiery two years you may 
transfer £6.(K)(I of assets free of 
tax. In addition, you can give 
goods worth up to £250 to a 
single donee free. These 
exemptions apply to both 
husband and wife. 

• Over and ahove these annual 



“To ait CTT I have given £50,000 to my dog Spot, £$0,000 to my cat. 
Topsy and to my goldfish Jaws" 


HOW TO CUT YOUR CTT BILL 
fOOOs) 


A 

Present estates — left to surviving 

„ Husband 

Wife 

Combined 

spouse, then to children . 

500 

100 

400 

CTT assuming no action taken 
(»> 

Husband transfers to wife to equalise' 



298 

estates 

Each spouse makes maximum gifts to 

300 

300 

600 

children over 11 years to maximise 

annual exemption and nil rating 

Each makes additional gifts to. . 

(143) 

(143) 

(286) 

children chargeable at lower life- 

time rates - • 

Balance of estate which under new 

’ < 45) 

(45) 

<9°> 

will each spouse leaves to children 

• • 112 

112 

224 

Cf i on additional lifetime gifts 

7 

7 

14 

CTT on balance of estate 

44 - 

44 

-88 

Total CTT bill 

.51 

51 ' 

102 

Less amount from maturity of joint 



life and survivor policy of £50,000 



. 50 . 

Net CTT bill 


• 

52 


exemptions, the first £5 5.000 
transferred is at nil rate of CTT. 
i.e., free. Tlie £55,000 applies to 
the year 1981/82. but the rate 
bands are to be index linked. 
Once cumulative transfers 
exceed this figure, the normal 
rates are charged. 

However, when 10 years have 
elapsed since a slice of the 
£55.000 nil rate band has been 
used, then a nil rate slice is 
reinstated. This means up to 
£55.000 can be given free every 
10 years. It obviously makes 
sense to do this as early and 
as often as feasible 

9 Making lifetime gifts. The 
rate of tax for lifetime trans- 
fers is much lowe*' than .for 
transfers on death. For instance 
it is half the . death; .rate .for 
transfers of up to £200,000, fall- 
ing to two-thirds for transfers 
ovet £2,500,000. ’ ’ 

For example, if a husband 
and wife each gift to their chil- 
dren say £45,000 in excess of 
the amounts covered by their 
annual exemptions and their 
£55.000 nil rate band, the total 
CTT bill would be just under 
£15,000. Don't forget that if suit- 
able assets are gifted, and the 
children pay the’ tax, this will 
cost them just under £2,000 a 
year for eight years. The parents 
could fund this liability by 
making gifts within their annual 
CTT exemptions. 

• Consider taking out life in- 


surance: If a donor pays pre- 


miums' under a qualifying life 
insurance policy on his life and 


then names his children as bene- 
ficiary. the children will get 
the proceeds free of all taxes 
including CTT. In addition, the 
policyholder gets 15 per cent 
tax relief on the gross pre- 
miums paid. This means that 
for every £85 paid in, the in- 
surance company will invest 
£100. There is a ceiling on this 
tax relief of one-sixth of total 
income or £1,500 whichever- is 
higher. * 

A particular form of policy 
worth considering is a joint life 
and survivor policy which pays 
out after the death of both 
husband and wife. There is 
potentially a longer build-up of 
•p'rettmnns . than .under a -policy 
on the man’s life alone, as 
women- .. traditionally ' outlive 
their mates. This means a 
larger sum may be accumulated 
than in the case of a life policy 
on the husband alone. It also 
produces the money when the 
CTT bill is usually highest, 
namely on second death. 

Of course you have to take 
into account the conservative 
nature of an insurance com- 
pany’s investment policy but 
.even so the saving in term s of 
tax relief and avoiding CTT 
makes some life insurance a 
practical proposition for people 
with children. 

• Equalising your estate: Pro- 
vided your marriage is secure it 
makes sense to divide the estate 
equally between you and your 
wife as you get older. This Is 
because each can make use of 


the lower bands of CTT ind it 
avoids one of the couple hewig 
cata paid ted ’ into the higher 
bands. 

- Take the case of a husband 
with assets of £400,009 who- dies 
leaving everything to Ms wife. 
She gets’ the estate free of CTT 
but when she in turn dies 
leaving the estate to the child- 
ren they will pay £177,500-: 

The CTT- bill could be cut by 
■ about a third if the husband had 
originally left half his money lo 
tlie children and half to -bis 
-wife. The CTT bill on each 
death would then be £50,000 
malting a total of £120,000. • 

. If the husband dies first 
leaving his assets to his wife: 
His will can be effectively re- 
written under a deed of family 
arrangement executed within 
two- years of his death, so that 
.some' of his assets can pass to 
the children in order to reduce 
the CTT bUL Of .course, if the 
wife dies first and all the assets 
are in the husband’s name then 
nothing can be done to reduce 
the CTT burden. 

• Check whether your assets 
give rise to reliefs; * This is a 
rather complex area but broadly 
speaking certain assets have 
their value reduced before CTT 
is charged. . Far example in 
many cases business assets in- 
cluding farmland and wood- 
lands, qualify for a 50 per cent 
reduction, as does a controlling 
interest in a trading company. 
Minority interests in unquoted 
trading 1 companies and let. agri- 
cultural land, qualify for a 20 
per. cent reduction In yalue. : 

These are five easy ways to 
cut your CTT bill. The 
import ant t hing is not to forget 
about CTT hut take, advantage 
of the exemptions as you go 
along. Under present rules a 
husband and wife could transfer 
£170,000 to two children tax 
free .over 10 years and another 
£116,000 in the . 11th ■ year, 
simply- by using their exemp- 
tions alone. If you opt to invest 
in one of the assets which 
qualifies for .relief do make 
sure you can justify the deri- 
sion on investment grounds 
alone. 

To see what effect these 
moves can have in practice, 
take the case of the Cooks who 
have two children. The Cooks’ 
estate is worth .£600,000. All 
but £100,000 of . the family’s 
assets are in Mr Cook's name 
as the table shows. -If fig -dies 
aiid leaves the estate to his wife, 
who in tiirn leaves it to* the 
children, then the CTT bill will 
amount -to nearly half the value 
-of the estate, i.e., £298,000*. 

By taking four of the simple 
steps described, Mr Cook can 
reduce the CTT bill on his 
estate to £52,000. First, he can 
transfer assets- to his wife. 
Second, both spouses can make 
the maximum gifts over 11 
years to children to take* full 
advantage of annual exemptions 
and nil rating. 

Third, they can make addi- 
tional lifetime gifts to the 
children. Fourth, they can take 
out a joint life and survivor 
policy. As the table shows this 
will cut the CTT bill to £102,000 
and give the children a sum of 
£50,000 free of CTT with which 
to pay the taxman. ’ 


The ups 





SO FAR this month three more 
currency funds Have been intro- 
duced. The timing could leave a 
little to be desired in view of 
the weakness of sterling in the 
face of the FaUcI an ds crisis. But 
this only goes to underline the 
volatile nature .of exchange 
rates. It is their increasing 
volatility In recent years that 
has stimulated interest in cur- 
rency itself as. an investment 
and -encouraged the, growth in 
the number of currency funds. 


currency bank deposits, mone- 
tary instruments and similar 
assets, at returns normally 
available only to large deposi- 
tors. 

Brown Shipley is to make an 
initial offer on April 28 of 2.5m 
Zp participating redeemable 
preference shares quoted in 
London at £L05 each. The mini- 


Such funds fall into two 
categories: the fully profesion- 
ally managed and the *‘setf- 
swltchdng” variety. This week 
the merchant -bank .Brown 
Sbiptey put its own skills on the 
line with a Jersey based open- 
ended investment company, 
called Brown- Shipley Inter- 
national Currency Fund, This 
cantrastc with this month’s 
other offerings which are -self- 
switching funds, namely the 
LJ & S fund from bankers 
Leopold Joseph and .Son in con- 
junction with Stewart Fund 
Managers, and the re-organised 
Central Assets, formerly a more 
conventional investment com- 
pany. ■ 


CURRENCY 

FUNDS 

CHRISTOPHER CAMEftON-JONES 


All three seek to achieve 
income and capital growth from 
investment in major foreign 


mum stake has been kept low at 
£1,050 to appeal to the smaller 
investor. The annual yield in 
the first year on the offer price 
is expected to be around 8 per 
cent but the emphasis will be 
on capital growth. 

The share price Includes Bp 
administrative charge. In addi- 
tion there will be a G.75p annual 
administration * fee, charged 
monthly and a 0.125 per cent 
per annum custodian fee, 
charged quarterly. Ideally, 
holdings should be for at least 
a year to recoup the high cost of 
entry. 


Because of the weakness - of 
sterling the fund will probably* 
be more, heavily invested than 
usual in sterling. For example^ 
on. the basis of .this week’s 
exchange rates the fu rid might 
have been spread this way: 
40 per cent, "in sterling: 10 to 
15 per cent in Swiss francs; 20 
to 25 per cent in Deutsche 
Marks; 15 -per cent in Dutch 
guilders; and 10 per . cent in 
_ Japanese yen. 

For a minimum of £1,000 it is 
possible to suberibe for redeem- 
able participating- shares- of 
1 US. cent in the U &. S 
fund.. These comprise income 
shares for. all investors and 
capital, shares for the corporate 
and non-resident investors, for 
which a Stock Exchange quota- 
tion will be sought at a later 
date." 

The choice of currencies, 
currently . covering" Deutsche 
Marks, French francs, sterling, 
Swiss francs' and U.S. dollars, is 
left to tiie investor who may 
switch at win. Conversion can 
be through ; written or telexed 

instruction, • 

.. The only charge is a 0.75 per 
cent annual management fee. 
but a fully managed service is 
available to large investors at 
extra cost 


Elsewhere’ the fbrm^o- £25m 
Central Assets has been. j».. 
organised, as a multteutncy". 
fund covering: .the «aw five 
major currencies plus, -for the 
really large Investor, . Special 
Drawing Rights. The mimnraar 
stake.-is £10,000 or 250,000 
SDRs and Ur in the. form of 
capital shares -traly wbicb 
quoted in London- The m* pf 
inscribed!. . . shares, ‘whereby 
holders’ names are kept on, a 
register and im ^hAre-certlfl. 
cates are issued, allown switch." 
ing to be- done simply by telex 
or tetepfibod. ’ • ' - ' •■■■='-; . 

The -annual management fire 
for the sterling fund Is 0.5" wr 
cent and 0.75 per cent for efe 
funds. -In addition there ls -a 
0.1 per cent advisory fee, end 
some custodian- charges are 
incurred. : 

At present a' UK- Invertor 

woufd .be liable; to income tits'' 
on the income, from these funds . 
and Capital Gains Tax when sel. 
ling- the shares but ' not .'whan 
switching. But the Inland 
Revenue may eventually deride 
to challenge the CGT aspect of ' 
currency funds in the courts, 
off the view: that • swittffing 
profits could, be -liable to hreowe 
tax.- ’ - ' • '- •■•V • 


Role of the wife recognised 


A SCHEME) for insuring house- 
wives against death or pro- 
longed illness appeared on the 
market . this week from the 
insurance brokers Reed Sten- 
house. 

. New insurance schemes 
appear regularly on the market, 
but one designed especially for 
women is rare and for house- 
wives rarer stiti. Yet the 
present-day role of the' wife in 
the overall finances of the 
family is important 

.Not only does the modern 
housewife carry but normal 
household duties. But " as a 
working mother, the family 
rely on her earnings, not only 
for clothes and holidays, but 
to pay part of the mortgage. 

Should she die or become 
seriously disabled, there is a 
gap in the family income. Even 
if the wife does not work, the 
cost of hiring outside help for 
basic household duties can 
amount to a considerable sum. 

The general attitude of the 
typical family to , . this- 
eventuality is usually one of “it 
cannot happen to us. ’’ Statistics 
issued % the Department of 
Health and Social Security re- 
lating to • employed- women 
show, however, that it does 
happen. Taking the year to May- 
1980, 50,000 employed women 
between ages 20 and 65 died in 
the period and 107.000 were off 
sick for at least six months. Of 
this latter figure 46,000 had 
been ill for at least three years. 

This highlights the need to 
insure the wife, as well as the 
husband, against death or pri* 
longed sickness. When tragedy 
strikes, the family invariably 
rallies round for a time, but 
cannot be expected to shoulder 
additional burdens for long 
periods. The need for cadi 
sums and income payments on 
death or- prolonged disablement 
are obvious. 


Yet in spite of this need, life 
companies have done little to 
meet it and never in "one pack- 
age. All life companies will offer 


contracts for an^ healthy 


woman, paying out lump sums 
on death, and a few issue con- 
tracts to housewives paying in- 
come far prolonged illness. But 
no thought has been given to 
designing a contract to cover 
both, needs. 

The Reed Stenhouse Family 
Maintenance Plan. under- 
written by Zurich Life, does this 
for a comparatively low-cost 
premium. The. benefits up to 
age 60 in the package are fixed 
at: 

0 £10,000 on death. 

O £10.000 on total and per- 
manent disablement 
0 £30 a week on temporary dis- 


ablement due to sickness «ir 
accident payments commencing 
13 weeks after the onset -of dis- 
ablement' and" continuing until 
recovery. - 

The premium varies with age 
of the wife- at the tune the 
policy was taken., out, ranging 
from £4.10 per month at age 
24 to £&20 per month at age 44. 
Part of these premiums relat- 
ing to the death lump sum 
qualify far the premium relief 
available" on 'life assurance 
premiums. 

The Zurich has defined dis- 
ablement as- the wife being un- 
able to follow any other occupa- 
tion if 'she was employed, and 
as being unable- to perform 
household duties if she is not 
employed. 


There is little doubt that" this 
plan is a step forward iff Hfo 
and sickness provision for 
ordinary, -as distinct -from, pro- 
fessional . ’ women. - It' :-i& 'a 
cautious stepi 


The lump 'sum payments are 
realistic, .but . the income pay- 
ments are fair too low fbr- cur- 
rent conditions . land are not 
index-linked — essential in these 
inflationary times. 

.The plan has concentrated on 
simplicity and low premiums. 
If would, .However, he Tnore-use- . 
fu! if housewives were offered 
a scale "of. benefits: for":tHe 
income payments— with appro- 
priate premiums. ■*. 

Eric Short 


Bringing out the gold hugs. 


THERE IS nothing like inter- 
national tension to bring out 
the gold-bugs. •• The- imposition 
this month of VAT. on-gold 
coins is unlikely to put off those 
determined to invest- in the 
metal. 

Already one small buffion 
dealer, Shaw Cavendish in 
Chesiter, is advertising “ British 
gold sovereigns free of VAT.” 
in contrast to the major City- 
based bullion houses which 
have been gradually withdraw- 
ing from the retail market. 
Shaw Cavendish says it will 
supply “anything from one coin 
upwards.” 


So bow does Sbaw Cavendish 
plan to get round the VAT 
imposition? 1 Waiter Sbaw, a 
director, explains: “The coins 
are held abroad- on behalf of 


the . customer. At the moment 
there is a choice of Swdtzeriaad 
•or the Channel Isiandsi” ' " • 

What proof does the invest dr 
have of the transaction? Sbaw 
says each customer will be sent 
a ” letler-cum-oentificate of 
deposit confirming that the 
arrangement has been carried 
out on his behalf.” _ Ait the- 
mo-mem there is m> extra 
charge for storing the coins 
overseas. 

The Customs and. Excise 
appears unmoved . by this 
arrangement “ It Is merely an 
overseas ' transaction. There is 
no VAT if coins are not bought 
in Britain” it says.. 

Shaw Cavendish is a private 
company with Unlimited 
liability which is wholly owned 
by the Shaw family. ..“We are. 


dne.of a -rare breed ’’T-says Sbaw. 
.Tjie. company has been leading 
ior about -^0 : sjwks- Anit Shaw 
says 1 his :'._customers . » include 
“someone whd is playing ’ for 
England at ciicketi and the 
directors of some of the biggest 
.banks in the country.” 

The. Shaws. .who hailed from 
the Wliral, 1 made, their 
money ‘ as' . ‘paper converters — 
eventually selling out 15 years 
ago ' to the Swedish paper 
group, Mo Och Dorasjo. The 
family also owns a “ share, in a 
major jewellery chain in Bond 
Street ” - according to Shaw. . . 

It Is ironic that Shaw has 
partly to thank' John Nott MP, 
-Secretary for Dermce, whom 
he served alongside in the 
Gurkhas, for, the current 
revival in interest in gold. 

RB. 




r.,.- 

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ft- 



Attention all 
UK expatriates 




Resident Abroad, the monthly magazine 
for UK expatriates, fills an information 
' gap that has existed for far too long. 

The publication has a special emphasis on 
persona) financial planning, with all you ever wanted 
to know about earning, spending and saving money 
ouisicte the UK. This, together with coverage of the wider 
financial world and the newly expanded general section, 
provides a wealth of information, advice and comment on 
all matters oi vital importance to the expatriate. 


Coverage includes ihe following articles every mor^t: 


i Equiiiss-covering major 
utxJd markets, 
i Currency ^ -commenlaiyand 

forecasts. 

i Citshofo fund review— 
seders, management groups, 
performance etc. 

i Eesirms guide to investing.- 
i Exchange and nterest rates 
in major world currencies. 


0 Travel notes-ihe cheapest 
airfares etc. ... 

• Country reports-written 

by expatriates living In major 
centres. 

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Qlenctsamv cheque D Credit Cati-UckCtofea 

• Mvafclc to rT Business 
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Seined Office Bi^Hot^QnaS^Uri ME C ff OTR^fciBlNtatoi 


Acknowledging a trust 


Some 30 years ago my father, 
mother, brother and I moved 
to our present house which was 
acquired In my name. My 
father and mother died some ' 
years ago, and my brother and 
I now live here alone. The 
property Is probably now worth 
about £150,000. 

I have always considered that 
although this property Is 
registered in my name. I 
nevertheless bold one half of 
ft In trust for my brother. 
However, I am now wondering 
If he would be faced with 
C.T.T. problems in the event I 
should predecesase him. Is 
there any action yon could 
suggest to avoid tins danger? 
Your brother - undoubtedly - 
would be likely to have to pay 
some Capital Transfer Tax on 
your death, but it would be less 
if it is only on a half share in 
the house: You should ensure 
that the position is recorded 
now by a written acknowledg- 
ment that you have 1 since, thfe 
purchase of the house Jieid it 
in trust for your brother arid 


yourself (or your brother, your 
parents and yourself and after 
■your parents’ deaths for your 
brother and yourself). If the 
form in brackets is correct the 
respective quarter shares should 
have been' included in your 
parents’ estates. 


CGT after the 
Budget 


to 74 of, and schedule 8 to, the 
Finance Bill. They run to some 
13 pages, and may well be 
amended in Committee or on 
Report, or both. 

Briefly, the answers are: (1) 
£900 (viz £3.000 at 30 per cent); 
(2) £300 (viz £1,000 at 30 per 
cent); (3) £150 (viz £500 at 30 
per cent). 

These figures are based upon 
clause 65 of the Bill (which 
alone covers more than a page). 


FINANCE AND 
THE FAMILY 


BY OUR LEGAL STAFF 


Press comment seems to differ 
so could you let me know how 
znndb C.G.T. would be paid 
under the Budget proposals 
in each .of the following 
examples: (I). £6,000 gains made 
in ’Sl-’gZ; (2) £6,000 gains 
made on April 2 'S3, 10 per cent 
inflation since April 6, ’82; 

- ( 2) £6,000 gains made on 
April 7 ’83, 10 per cent 
inflation since April 6 ’82? 

In all cases stock held for a 
year and a day. 

The complex and arbitrary new 
indexation _ and indentificataon 
rules are set out in clauses 71 


A cleared, 
account 


Some trouble with a mail order 
book club, which threatened 
46 employ a collection 'agency 
to obtain payment for some 
unordered and unwanted books, 
which Iliad advised them to - 
collect was, -I thought; 
concluded by a letter' front the 
managing director saying the 
account had been cleared, and 
that I could dispose of the hooks 
-as I wished, and a refund of 


Meaning of repairs 


Due to faulty design of the roof 
structure, the roof rafters of 
may house began to trip the 
wall plate on one side. In 
consequence I had to,fit steel 
brackets between rafters' arid - 
joints and steel tie rods across 
pairs of opposite brackets. 

I consider this to be an ' 
alteration rather than 
maintenance; In effect adding 
something that should have 
been fitted on the original 
building of the house. My view 
was strengthened by an extract 
from DIY magazine- But 
Customs and Excise have 
written to refute this and say 
it is repair and maintenance, 
as follows: 


It may be helpful If I explain 


that the relevant legal 

In Group 8 of 


provisions are 
Schedule 4 to the Finance Act 
1972. Item 2 applies the zero 
rate to most services in the 
course of-tbe construction on — 
alteration of a building, but 


note 2a to the Group excludes 
from item 2 any work of repair 
or' maintenance. 

The comments quoted in the 
article from “ Do-It-Yourself 
^magazine enclosed with your 
letter came from a judgment 
of the Appeal Court, which was 
Itself appealed against by the 
Commissioners to the House 
of Lords (Commissioners V 
ACT Construction Ltd.). 

The case concerned the under- 
pinning of houses by means- of 
additional foundations and 
though the Commissioners' 
appeal was rejected by their 
Lordships in this particular 
case, they did, in fact, reaffirm 
that “alteration” In hem 2 
means “structural alteration” 
and that the -words “repair 
or maintenance ” should be 
given their ordinary meaning. 
The matter appears to be one 
of semantics. The VAT aim 
Involved is approximately £300. 
Do you recommend taking this 
any. further? 


We agree - with ' the paragraphs 
you quote of the letter from the 
Customs and Excise. However 
we feel that the work done to 
your roof may amount to ■ a 
structural alteration. We do 
not believe that it was “repair 
or maintenance." In out 
opinion those words given their 
ordinary meaning do not 
include an alteration necessary 
because of faulty design. 


postage on my letter which I 
had demanded. 

However, I have now received 
a demand from a debt collection 
agency for £10.80, the amount 
originally in dispute. 

Apart from the annoyance, I am 
concerned that, with com- 
puterised information and 
■ reference, my name may be 
Mira e where recorded as a bad 
debtor, and my credit 
nrrrjiaijontly imnalred. 

Would yon kindlv advise me 
what punitive and remedial 
action I should take? 

In the absence of a judgment 
debt there should be no prob- 
lem. as to your general credit 
rating. You should however 
advise the collection agency that 
their principal ha,, agreed that 
the account is cleared and 
require their confirmation that 
they will not pursue the “daim.” 
Your remedy for their conduct 
Is limited. You might he in a 
position to make a claim for 

rfr-farnplinn. hut it mav be 
rfiflimlt tn prove publication of 
the libel. Nevertheless it may 
prove a useful counter to any 
further annoyance. 


any provision under that will - . 
Where the deceased leaves a sur- 
viving spouse, the claim to 
Legitim extends to a one-third 
interest in his/her -moveable 
estate (ie excluding heritable 
property) which is divided 
amongst all the -surviving chil- 
dren and issue of children who 
have precdectased. 

Where the deceased does not 
leave a surviving spouse who 
would be entitled to claim legal 
rights in their own right the 
Legitim fund is increased to one- 
half of the moveable estate. 

As we understand your letter, 
Ihp father was survived by a 
widow and one child, who was 
his only son. In these circum- 


stances. the Legitim fund - will 
be- one-third of the .moveable 
estate to which that son alone 
.will be.. entitled. 

The claim for legal rights 'should 
be. made by. the son against the 
ekecutora ot ' the; " trustees 
appointed under the - vrill and 
there is no time Ifmit within 
which the claim muet.be. riiade. 
Obviously, for practical reasons, 
the claim should be -made as 
soon as possible,. . 


. No. legal, responsibility. . aw B« 
accepted . by i be Financial Times 
fdr 'the antwers- gfverr. jrt these 
columns. . All inquiries WjO be 
■answered - by post - or - soon « 
possible . 


Legal rights id 
a will 


Unless you can convince the 
Customs they are .wrong ypu 
will have to .take the matter to 
appeal to a value added tax 
tribunal if you want to recover 
the VAT charged. The pro- 
cedure is set .out 'iff an explana- 
tory. leaflet which can' be. 
obtained from your local VAT 
office. You must dedde:-i£ you. 
wish to take the matter further. 
We can only 'say .that the law 
in this area Is not dear and you 
have a chance of winning- your 
case. We would not like to say- 
how great that chance is. 


’A father died and in his will left 
the whole of bis estate to his 
second wife, his first having 
died some years ago. 

BBs only son was not left 
anything at all, and T under- 
stand that under Scottish Taw 
the son has legal rights to a 
share, of the estate, irrespective 
of. the contents of.' the will. 

If this Ik so, how much can he 
Claim, and is there a fixed 
:timc limit for this to be done? 
Under Scottish law, the children 
of a deceased person who dies 
leaving a will are entitled to 
make a claim against his/her 
estate known as. Legitim, fores- 
pective of whether they receive 



How much weofttaw would you be ft you couMgef ahead of 
tfte herd wifi your stock maricstinvesfraents? if yoa had : 
access l Tn3kte , 'irfoniw^ .. 

fcrftcomffigttds, results and other weft-kept financial: ■ 
"secrets", canyon imagine how profitable your investments 
would be? How, wMM touneft of STOCK MARKET - -.v“. 
CONFIDENTIAL, you canfindoufl - - £v! ' 


STUCK MARKET CCWRDEN7ML f»S WM principal ObteCtfW. 'ftrbrSw YOU, OS 

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I StoctrMattwtCooBdullal 13 Gridrosquqrt, London Wl- - - i 

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' Financial Tigies Satmday April 17 1982 • 

YOUR SAVINGS AND INVESTMENTS-^ 

CTT and the investor. Eric Short reports on a possible solution 


Something Rosemary Burr continues 
r _//• her series 


TheCGT 
balancing act 


INVESTORS WISHING to 
minimise their CTT, liability are 
often faced with a dUenuna. 
They see the need to transfer 
assets in o rder to reduce fee 
burden of CTT but may need 
extra income and want some 
say in what happens to the 
assets. 

Merchant Investors Assur- 
ant. toe. UK linfcetHife sub- 
sidiary of the Dutch insurance 
group Nationale-Nederlauden, 
considers -it has the solution to 
The protolean \yith its Inheritance 
Trmt launched last week. ' ; 

The am tract, a highly tax 
efficient vehicle, enables an 
investor to transfer assets out- 
•sid© his estate, so they can 
ultimately be passed on free 
to CTT. yet stifi retain control 
and receive an income from 
those assets that is tax-free up 
to high levpls. 

Th is double advantage of 
CZT avoidance and tax-free 
income as made possible in the 
first instance by measures 
taken 'by- Sir Geoffrey Howe last 
year. 

The 1981 Finance Act 
enables investors to make 
interest-free loans to benefici- 
aries without incurring a CTT 
liability provided toe money is 
invested in aon-oxtcocne produc- 
ing .assets. Previously, toe 
amount of interest forgone, 
calculated on a- commercial 
basis, was a ssum ed to be a 
transfer for CTT purposes. 

Ibis -year’s Finance Bin 
makes no move to curb any of 
the tax avoidance schemes 
marketed ■■ by Efe companies, 
that rely on -artificial, complex 
product designs, despite all Sir 
•Geoffrey's crusading language 
to bis Budget Speech. 

So how does toe Inheritance 
Trust work? ■ 

Stage 1— The investor buys 


k single premium bond for a 
nominal amount - say £500, 
written under a fiexfirie trust 
for his chosen beneficia ries. 
This is a transfer for CTT 
purposes, but faHs comfortably 
within toe annual exemption 
limit which is currency £3,000. 
The investor is one of toe 
trustees. 

Stage 2 — The Investor lends 
the balance of the amount to be 
transferred to toe trustees as 
an interest-free loan, repayable 
on demand. For example, if toe 
total transfer is to be £100,000, 
the loan wiH amount to £99,500.' 
- Stage 3 — The trustees use toe 
loan to purchase a Capital and 
Income Bond. A life bond is re- 
garded as non-income producing 
in contrast to. say, unit trusts. 

Stage 4 — This Bond is a 
cleverly designed combination 
of term assurance policies and 
a regular premium linked sav- 
ings contract In, which all toe 
investment is made and is 
regarded as qualifying even 
though the premaran is a 
peppercorn £1. . . 

Stage 5— The investor can 
withdraw up to 10 per cent of 
his original investment — of 
£99,500 in the example — 
entirely tax-free, toe actual 
amount of withdrawal being 
varied to meet toe investor’s 
circumstances. This is regarded 
as repayment of the loan. The 
money comes from cancelling 
units in toe regular premium 
policy and is not technically 
income. 

Stage 6. After lO.years, with- . 
drawals can be made from toe 
qualifying policy -which in 
theory are tax-free. In practice, 
there is. a danger of toe Inland 
Revenue treating regular in- 
come payments under Schedule 
D. So Merchant Investor sug- 


gests that the Bond is taken as 
several complete policies. When 
the investor needs - income, toe 
trustees transfer a complete 
policy— as a capital payment 
The investor then part- 
surrenders toe policy over a 
period to meet his Income re- 
quirements. The company 
emphasise that such transfers 
should avoid .a regular pattern. 

Stage 7. The trustees can pass 
on the assets to the benefi ciary 
at any time free of CTT with 
the agreement of the investor 
— ultimately toe transfer would 
be made on the death of toe 
investor. 

The amount of the loan out- 
standing remains an asset in 
toe investor's estate. Ibus toe 
purpose of the scheme fails if 
the investor dies in the early 
years after taking out toe plan. 
But any capital growth o n toe 
assets would be free of CTT, 
and in any event the CTT. 
position is no worse ‘than if 
the investor had done no thing . 
This aspect does, however, 
bighttgot the need not to waif 
before planning action on CTT 
and the investor should be in 
good health before taking out 
an. Inheritance Trust. - 

The choice of fund m which 
to Invest * is very important, 
since each loan repayment 
comes from a cash-in of units. 
The investor does not want to 
be cashing-in units when the 
price is depressed. So toe 
underlying fund should pro- 
vide steady growth, as with a 
property of managed fund, 
rather than ■ one subject to 
voltile fluctuations such as UK 
or overseas equity funds. 

An important point is that 
the investor can only purchase 
toe bond with cash or through 
a share exchange scheme. So 


the plan does not solve toe 
problem of passing on land or 
property. Nevertheless, despite 
these definite disadvantages, 

. Merchant Investors reports 
investment of over £lm in toe 
scheme in toe first" days follow- 
ing toe launch. Investors should 
however consult their profes- 
sional adviser before embarking 
on toss scheme^ 

A similar plan to minimise 
CTT while allowing the inves- 
tor income on the assets and 
retaining control has been 
launched by Crescent Life 
Assurance, the linked life sub- 
sidiary of toe Life Association 
of Scotland, This company is 
also a subsidiary of National e- 
Nederianden, but is very much 
a member of the life company 
Establishment Jim Souness, its 
chief executive, is currently 
chairman of the Associated Scot- 
tish Life Offices. 

So it cannot use artificial life 1 
contracts under the gentleman's 
agreement between f ASLO) and 
the Revenue. Hence under the 
Crescent Transfer Trust the 
investment is made in an ordin- 
ary lifebond which lacks toe tax 
efficiency of the Merchant In- 
vestor’s Capital and Incomes 
Bond. 

Under this scheme, the in- 
vestor can make gifts as well as 
loans to toe trust and take up to 
5 per cent of. toe combined 
value as income. But these with- 
drawals are subject to higher 
rate tax, deferred until the 
eventual cash-in. 

- It is difficult to see how this 
new plan from Crescent can pos- 
sibly compete with the Merchant 
Investor scheme while toe Re- 
venue continues to take no 
action on artificial designed life 
contracts. 


employed A boost for that 

SIR GEOFFREY HOWE has 
been sympathetic to toe needs 

eSS country cottage 


Moving up the queue for beds 


WHEN DIGGING up the creep- 
ing clematis in toe garden re- 
sults in a hernia, most' people 
will curse their luck and join 
the waiting list for a National 
Health Service operation. . Pri- 
vate hospital fees are soaring 
'and fewer than I in 15 in in 
the UK are covered by private 
health insurance. 

A little-known health insur- 
ance scheme, however, offers a 
fresh alternative for those happy 
with the National’ Health but 
unhappy with the prospect of 
queueing for a hospital bed. 

Started up by PrrvatePatf ents 
Flan (PPP), a health insurance 
company, the scheme is effec- 
tively comptonentary to the 
NHS, not a replacement for jt. 
For a nominal- amount each 
month. PPP’s Private Hospital 
Plan insures private treatment 
if a NHS consultant advises an 
operation but says toe waiting 
list is longer than six weeks. 

The nationwide number of 
patients waiting for NHS opera- 
tions has dropped in resent 
years, but the figure, is still 
over 500,000 and the waiting 
time, on average, is still around 
five months. 


PPP’s scheme was first 
developed .for Automobile 
Association members, but was 
opened to the general public 
just two years ago. Since then, 
subscribers have nearly trebled 
to more than 17,000. 

The fees for toe plan vary 
. according to toe amount of 
coverage and toe subscribers* 
age: For a single person under 
30, toe premium is £3-45 per 
month, while an older manied 
person with a family pays 
£10.25 a month for the scheme. 
The insurance provides cover- 
age up . to £3,750 for normal 
operations and up to £7,500 for 
heart or cosmetic surgery after 
mi accident. 

. Full private patient coverage 
with BUPA or PPP costs up to 
three or four times more per 
month than the Private Hospital 
Plan but it -eliminates the use 
of the NHS-.- . 

Under the PPP special plan 
if the .waiting list for a 
NHS operation is less than 
six weeks the subscriber then 
uses National Health f aril sties, 
but will receive a cash benefit 
of £18 per night 


HEALTH COVER 


CARLA RAPOPORT 


Mr Roy Formal, toe market- 
ing director of PPP, says' that 
the scheme was originally 
designed for people who 
couldn't afford full health insur- 
ance. “ In fact, we’ve found 
that the plan appeals to people 
of ail income groups. We fold 
it difficult to fathom why some 


people choose some plans', but 
this one seems to be accepted 
by both the very well-off and 
those with lower incomes. Even 
some of the very well-off don't 
want to spend a lot of money 
on health insurance.” 

■ The hernia operation for the 
weekend gardener, for example, 
can cost as much as £1,000 in 
a private hospital. A knee 
operation can cost up to £5,000. 
These costs plus the possible 
waiting times for a NHS opera- 
tion make the PPP option one | 
to consider. 



NDEPOsrr 


Challenge of the TSBs 


TES!BximtheTyiiidan&Cow 

Money Fond. 


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teyoawhiKjjaw 

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BUILDING SOCIETIES are in 
.a tizzy about toe competition 
from the Big Four clearing 
banks but few of them seem to 
have noticed that toe real long- 
term threat may well come from 
the Trustee Savings Banks 
(TSBsi. 

Unlike the big banks, the 
TSBs are tightly controlled by 
the Treasury an the amount of 
money they can lend in toe 
house market Nevertheless, 
they have lent £325m so for and 
are allowed to lend another 
£130m in the current year. If 
the Treasury took the controls 
off the TSBs (they must do this 
over toe next few years), they 
could easily triple their lending 
without too much difficulty. 

BP m ^§1 
■SHARES 1 

iSS&sr! 

* of our s« montb. tx> ■ 

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ATfrndag&Co- Money Bmd^ow gs 
idedfofpriv^QrCOg^anyiayes a ^fai ^ 
orsanalL Gctddails today. 


fngfott 

Money Fund. 


Unlike the big banks which 
have traditionally lent most of 
their money to industrial 
borrowers, the TSBs concen- 
trate on the personal customer 
and, tike the building societies, 
are non-profit making. The 
home loan market is a natural 
target for them, and as the 
controls are removed toe TSBs I 
are going to step up- their , 
attack on. this market | 

A sign of things to come is 
this week’s announcement by 
toe TSB South East — Britain's 
biggest TSB— of rts First Time 
House Buyers Package. It is 
offering 100 per cent mortgages 
of up to £30,000. to young people 
under 35 who. are baying their 
first home. 

A key feature is that toe bank 
is not requiring borrowers to 
repay any capital during toe 
first five years, -only interest In 
addition, it is offering 10 per 
cent discounts on ins uran ce for 
the home and .its contents, and 
it is throwing in a free 
valuation report provided a 
mortgage is taken out. 

For other borrowers it is 
abolishing its £50.000 maximum." 
This year it plans to lend 
another £20m . taking its 
mortgage leading up to £6Sm. 

William Hall 


urietdlBSR AttlTeLBristol CQZ75) 7322SL 


INVEST IN 50,000 BETTER 
TOMORROWS! 

50,000 people la the U nited Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS— the cau se an d cure of 
which are sQU Unknown — HELP US BRING THEM RELIEF 
AND HOPE. ' 

We need your donation- to enable ns to continue oar w ork 
for the CARS and WELFARE OF MULTIPU3 SCLEROSIS 
sufferers and to co ntinu e our commitment to find the rausp 
and cure of MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help— Send a donation today tK 
Room F.l 

The Multiple Sclerosis Society of GLB. and NX 
286 Munster Road 
Fulham, London SW6 6BE 


SIR GEOFFREY HOWE has 
been sympathetic to the needs 
of the self-employed in making 
their own pension provision — 
they only get. the basic pension 
from the State scheme — and has 
greatly extended; toe tax con- 
cession limits on contributions 
in each of las past two Budgets. 

Now the self-em pl oy e d, especi- 
ally those of 50 and over, can 
put aside worthwhile amounts 
from their earnings into a pen- 
sion plan with a life company, 
getting full tax relief on the 
contributions. 

Life companies, traditional 
and unit-linked, have taken full 
advantage o£ this growing 
market by designing a variety 
of schemes offering flexibrlity 
of contribution payment and a 
wide range of choice in toe 
timing and method of taking the 
benefits. 

To take foil advantage of toe , 
tax concessions, the . self- 1 
employed person has first to 
deride how much he can set 
aside into a pension plan. 

Then toe self-employed has to 
deride whether to make his 
contributions annually, thus 
committing himself to future 
savings. Or whetoer to make a 
single premium payment each 
year and re-assess the situation 
next year. Or a combination of 
both. . 

Planning toe pension is a 
major exercise for the self- 
employed and his advisers. To 
understand what is happening, 
the self-employed needs to 
understand the basic benefit 
structure and contribution 
limits. 

The latest edition of toe Self- 
Employed Pensions Handbook* 
now available provides fully 
updated information on this 
subject 

Next the self-employed has to 
decide which type of pension 
plan he should select from 
which life company — and .the 
choice is bewildering. The 
handbook provides data on 90 
companies covering 120 plans:— 
withprofits, unit-linked and 
deposit administration. 

The book describes each type 
of contract and gives guidelines 
on which type is preferable for 
different investors. The book 
reviews past performance going 
back eight years, as a guide to 
toe potential of each type and 
each life company. 

Finally, toe book has a chap- 
ter on toe latest . development 
loanbacks to pension policy- 
holders. It explains bow loan- 
backs operate, with numerical 
examples and how they can be 
used. 

* Self-Employed Pensions, 
The Marketing Dept.. The 
Financial Times Business Pub- 
lishing, Greystofec Place. Fetter 
Lane, London 1SC4A IND. Price 
£12.50 UK only. 



THE INTRODUCTION of 
indexation of CapitaA Gains Tax 
in toe Budget has made toe 
purchase of second homes arid 
property for letting much more 
attractive than hi toe- past 
Of course quite a lot depends 
on what happens to house 
prices relative to toe Retail 
Price Index. K house prices' 
rocket ahead of toe index you 
could stall find yourself ^wying 
a -fair whack Of capital gains 
tax but even so, it wip be much 
less than under the old rules. 

To see how the new system 
works, let's assume you buy a 
second house in May 1982 for 
£60.000. Part of toe acquisition 
is financed by a £20.000 bank 
loan at 15 per cent which costs 
you £3,000 a year to service. 


Your net rented income after 
expenses excluding interest is 
£3,000 a year and this covers toe 
interest charge. In May 1988 yon 
sell the property for £105,500. 

In order to work out your 
CGT bill, first index toe cost of 
■the property to take account of 
an- assumed 10 per cent rise in 
the RPI over each of the five 
years from May 1983 as the first 
12 months of ownership do not 
qualify for indexation. The 
indexed cost would be £98.630. 
Then subtract the indexed cost 
from the sale price and the 
remainder is liable to capital 
gains tax. 

In this case the remainder is 
£8,870 and, assuming you have 
no other capital gains, this will 


equal your annual exemption, 
currently £5,000, which is now 
also Indexed. So providing toe 
net rent equals interest due it 
now pays to gear up. This is 
because what is indexed is toe 
gross cost not the “actual" 
investment of £40,000. 

Before indexation you would 
have paid CGT on toe monetary 
gain in value of the property 
and there was no guarantee that 
toe annual exemption would be 
increased in line with inflation. 
The saving is clearly substantial 
and, with interest rates beneath 
their peak, it makes sense for 
more people to examine toe 
possibility of investing in 
property for letting. 

Source: Touch a floss end Company 
provided inlormation. 


Raising the new money 


WHO SAYS investment man-, 
agers no longer raise new 
money at toe top of toe market? 
The accompanying table is a 
list of investment trust new 
issues (new companies and 
rights issues) between Novem- 
ber 2980, when sentiment in 
the sector generally took a turn 
for the better, and toe present 
day. . 

It does not take more than a 
quick glance to see that 
investors who subscribed at the 
issue price have in virtually all 
cases seen the value of their 
holdings shrink significantly. 

Qnly Independent, a new 
company .floated by way of a 
rights issue out of Atlantic 
Assets in November 1980, has 
managed to move ahead over 
the period since its launch, 
though a oouple of others have 
almost been able to hold their 
position in difficult conditions. 
The warrants of BG Japan, New 
Tokyo and New Darien make 
their performance slightly 
better. 

The new issues — which raised 
about £120m of new money in 
1981 — were made possible by 
the increasing enthusiasm last 
year for specialist investment 
vehicles. Demand for general 
investment trusts offering a 
spread of securities between 
toe UK and overseas markets 
has been falling ' steadily over 
the last decade as toe sector 
has become increasingly domin- 
ated by institutions such as the 
pension funds and insurance 
companies. . 

These big shareholders have 
made it clear that they are 
more interested in investment 
trusts with a specialised port- 


INVESTMENT TRUST NEW 


Name of Trust 


(Management Group) 

New Tokyo 

Date issued 

Issue Price 

Price now 

(Edinburgh Fund Managers) 
Independent 

Nov 80 

lOOp 

99p 

(ivory aid Si me) 

.TR Energy 

Nov 80 

107p 

130p 

(Touche, Remnant) 

New Darien CHI 

Jan 81 

lOOp 

61p 

(Hodgson Martin) 

GT Global Recovery 

Feb 81 

100p 

fop , 

(GT) 

First Charlotte 

Apr 81 

lOOp 

75P , 

(Ivory and Sime) 

Murray Technology 

May 81 

lOp 

r 

(Murray Johnstone) 

Stewart Enterprise 

May 81 

IQOp 

83p ; 

i 

-(Stewart Fund Managers) 
FACET 

(Foreign and Colonial) 

Japan Asets 

May 81 

»p 

31p 

July 81 

20p 

17p 

(Ivory and Sme) 

East of Scotland Onshore 

July 81 

25p 

18p 

(East of Scotland) 
Stockholders Far East 

July 81 

54p 

52p 

(John Govett) 

Precious Metals 

Aug 81 

S2 

$1-42 

(RIT) 

New Australia 

Sept 81 

TOOp 

80p 

(Edinburgh Raid Managers) 
Bailfie Gifford Japan * 

Nov 81 

lOOp 

7fip 

(Baillie Gifford) 

Dec 81 

lOOp 

75p 


folio, rather than those stuffed 
with the sort of blue chip 
securities they already hold. 

Certain management groups 
(Touche Remnant and Robert 
Fleming recently, for example), 
have changed toe aims of exist- 
ing companies in order to 
satisfy this wish. Others, egged 
on in many cases by institu- 
tional shareholders which 
happily accepted pre-placed 
the first time since the early 
stock, saw the opportunity to 
raise new money last year for 


1970s. 

The fall in the share prices of 
most of these stocks is attri- 
butable, of course, to the poor 
performance of the sectors they 
represent The energy and Far 
Eastern issues, notably Baillie 
Gifford of Japan, which has lost 
25 per cent of its value since 
December) have been worst hit 
with the widening discount 
between share price and asset 
value exacerbating the under- 
lying portfolio decline. 

Tim Dickson 





Alcoa is the world’s leading producer • 

. of aluminium products. Founded in 
1 888, the company today employs 
44,000 people in f 50 operating 
locations and sales offices worldwide. 
The size and scope of Alcoa’s business 
can be deduced from a short review of • 
1981 operations. 

1981 Highlights 

■ The Board of Directors voted a two- 
for-one split of Alcoa’s common stock, 
in January. . 

■ In November, Alcoa paid its 1 69th con- 
secutive common stock dividend. The jour 
dividend payments in 1981 totalied$1.80. 

■ Alcoa Afumino SA in Brazil acquired 
an aluminium fabricating plant near 
Recife and broke ground for its 
aluminium powder plant at Pogos de 

■ Caldas.. Also, the company formed a 
consortium with a metals subsidiary of 
Shell Brasil S. A. to own and operate on a 
cost- and preduetkavsharing basis, a 
■$1>4 billion refining and smelting project 
under construction at Sao Luis. 

■ Alcoa purchased the alumina 
chemicals segment of Giulini Chemie 
GmbH in Ludwigshafen, West Germany. 


■ Production began at the new atomised 
aluminium powder plant at Rockdale, 
Texas. The plant’s annual capacity of 
30,000 metric tons makes Alcoa the 

• leading producer of atomised powder in 
the free world. 

■ In the third quarter Alcoa listed'risstock 
on the exchanges in Zurich, Geneva, 
Base!, Lausanne, London and Frankfurt 

■ Two new high-strength aluminium 
alloys were first offered in extruded and 
forged forms. These alloys, for use in the 
aerospace industry, are the result of 20 

- years of joint development effort 
between Alcoa Laboratories and the 
United States Department of Defence. 

. ■ The Boeing 767, with wing skins that 
: use the new high-strength aluminium 
alloys developed by Alcoa and Boeing, 
made its maiden flight The new alloys 
help reduce the weight of the aircraft, 
whiph is 35 percent more fuel-efficient 
than the planes it will replace. 

To leam more about these and other 
Alcoa activities, write for a copy of the 
; recently published 1981 Aiwual Report 
Alcoa SA, 61 avenue d’Ouchy, 
CH-1006 Lausanne, Switzerland 



8 


■itemd&JBam Satm-dayoAfiiii 


BOOKS 




€i 

= Arthur’s kingdom 


Fiction 


BY T. R. FYVEL 


•testier: A Biography 
T Iain. Hamilton. Seeker and 
/arburg. £12.00. 398 pages 


During the war in 1942, 
rthur Koestler, met Mamaine 
^sget, one of the beautiful 
Paget twins." He and she lived 
igether for the nest 10 years 
r so, for most of the time in 
larriage — Mamaine died from 
iness not long after their (by 
nd large friendly) separation. 
Miring those years Mamaine 
-Tote constant letters, to her 
Ain sister, Celle, Mr Hamilton 
as treated this lengthy corres- 
ondence as vital docuraenta- 
.*on about Koestler. This. I 
rink, is unfortunate. T remem- 
er Mamaine as Intelligent as 
^11 as beautiful, but feel that 
fir daily letters to her twin, 
enranaJ. emotional, simply 
ashed off. were never meant 
5r extensive publication. 

Basing his work upon this 
orrespondcnce, Mr Hamilton 
as painted a picture of 
Toestler drinking too much and 
paging in ton many affairs 
nd quarrels. The portrait no 
■oubt contains some truth, hut 
Iso some caricature. At times 
t may make the reader fnrset 
hat Koestler was a deadly 
eriou5 writer, who spent most 
if his time writing books of 
treat intellectual originality. It 
S by bis ideas, and not by any- 
taing else, that he must ulti- 
mately be judged. 

In undertaking the daunting 
ask of writing a biography of 
Cnestler. Mr Hamilton had had 
a face two serious difficulties. 
Jis subject’s earlier life, the 
•ath which led him from 
lungary to Berlin, Palestine, 


the Soviet Union, the Spanish 
civil war and his dramatic 
break with Communism has 
been dealt with at length in 
Kocstler’s ■ autobiography, and 
books like The Spanish Testa- 
ment. Koestler himself has 
already said it all. Mr Hamilton 
wisely covers these years only 
in brief. 

Similarly, Mr Hamilton is 
equally brief about some of 
Koestler's later writings on 
scientific matters which he 
lacks the expert knowledge to 
judge. Thus, the biography is 
mainly focused on Koestler’s 
middle years, during which he 
changed from being the 
embattled political author of 
Darkness at Noon .to becoming 
the detached writer about 
Renaissance astronomy sod 
modem science. 

In covering these years, Mr 
Hamilton, quotes far too much 
and too often from the opinions 

of reviewers and others. Still, 
from his pages some kind of 
sketchy picture does emerge, 
of Koestler as a restless intel- 
lectual always on the move. We 
see him consorting, now with 
Bertrand Russell, George 
Orwell and David Astnr in Eng- 
land; now with Sartre. Camus 
and de Beauvoir in Paris; now 
with Jewish intellectuals in 
Palestine; now with their 
counterparts in the U.S., before 
finally settling down in 
England. 

We see him always among 
causes. In 1945, with Orwell and 
others, he tried to set up a body 
of writers to defend Western 
values. This effort quickly came 
to nothing, but next one sees 
Koestler deeply identified with 
the Jewish struggle for the state 



Trevor Humphries 
Koestler: 

hunches and hang-ups 


of Israel, about which he wrote 
a notable novel. Thieves in the 
Night, before losing interest in 
the subject. In 1950 be took 
the initiative in the inter- 
national meeting of writers in 
Berlin from which the Congress 
for Cultural Freedom emerged, 
hut he quickly resigned from 
the Congress. Next in Britain, 
he was campaigning with Astor 
against capital punishment and 
for penal reform — to this cause 
he has remained constant 
In discussing the books and 
the many articles which 
Koestler produced during those 


years, Mr Hamilton misses an 
important point. Koestler may 
have written first in German, 
then in English, and may hare 
always been conscious' that he 
was Jewish; but lie was born a 
Hungarian. As a wise friend 
told me, Hungarian intellec- 
tuals are today’s prime inter- 
preters, and. this has been 
Koestler’s basic theme: cease- 
lessly to seek experience, and 
then to interpret it Thus in 
Spanish Testament, he inter- 
preted his experience, with its 
mystic moments, of being 
Franco's endangered prisoner. 
In his great classic work. Dark- 
ties* at Noon, he tried to inter- 
pret the mechanics of Stalin's 
nihilism. In writing about 
researchers into the Universe, 
from Copernicus to Newton in 
The Sleepwalkers, he tried to 
interpret how Western thought 
developed during the Renais- 
sance. 

In- all bis later writings about 
The Yogi and the Commisar, 
about questions of scientific 
judgment of psychology and 
parapsychology, he has sought 
to interpret all possible views 
about the human situation: why 
one could, as he said, be a 
short-term pessimist but a long- 
term optimist about man’s fate. 

I think that Koestler's inter- 
pretations have .always been 
relevant to our central concerns, 
but Darkness at Noon apart 
their abiding value has etill to 
be judged. Mr Hamilton, in his 
curiously documented book, does 
not attempt any such judgment 
but he has produced some of 
the raw material for those who 
will essay the synthesis which 
the work of this most serious 
writer demands. 






Way out 


BY ADAM MARS-JONES 


The Making: of the 
Representative for Manet 8 
by Doris Lessing. Jonathan. Cape. 
£8.50. 145 pages 


Before She Met Me 

by Julian Barnes. Jonathan Cape. 
£8.501 183 pages 


Next to Nature, Art 
by Penelope Lively. Hememann. 
£6.95. 186 pages . 




This photograph from an Ameri- 
can production of "Guys and 
Dolls’’ is used by Alison Lurie in 
bar “‘The Language of Qothes " 
(Heinemann £10.00).., Miss Lurie 
comments— "the gambler's pin- 
striped suit, like .that of the stock- 
broker, suggests the ruled columns 
of a ledger Nate also the dark 
shirt and white tie of his friend, 
which, reversing the customary 
colours of the business costume, 
implies a reversal of conventional 
values." The book contains much 
more of the same. A.C. 


Freeze 


Miles the Maestro 


BY KEVIN HENRIQUES 


Miles Davis: A Critical 
Biography 

iy Ian Carr. Quartet, £13.50. 
U0 pages 


British trumpeter and writer 
.‘an Carr set himself an excep- 
tionally daunting task when, 
juite some years ago now, he 
■mbarked on the onerous pro- 
tect nf writing a biography of 
xumpeter Miles Davis, one of 
"he most complex, enigmatic, 
controversial and influential 
xgures in jazz. 

First it must be said that Mr 
3arr’s account of Davis the man 
s the biography’s least success- 
ful aspect. His childhood and 
?arly life are covered in a 
dash — by page 16 we are read- 
mi: about t be teenaged Davis 
mining Charlie Parker's group 


in New York. For some the 
Skimpy treatment of the forma- 
tive years will not be a fault; 
but there ife little doubt that 
Davis's subsequent truculence, 
waywardness and anti-white 
attitudes, evolved as a result of. 
youthful puzzlement ’and dismay 
at coming from a prosperous, 
middle-class background, yet 
having to endure such humilia- 
tions as being chased in his 
home town of East St. Louis by 
a white man shouting “ Nigger! 
Nigger* " 


But for the serious jazz fol- 
lower it is Mr Carr's full evalua- 
tion and expert explanation of 
Miles Davis's music which pro- 
vides the vital, beating heart 
of the book. The description of 
the various landmarks, or tran- 
sitional recording* and indi- 
vidual tracks brings a new 


appreciation of. and insight to. 
the music, helping all listeners, 
veterans and neophytes alike, to 
fuller comprehension and 
enjoyment For musicians this 
is greatly enhanced by an 
appendix which contains ap- 
proximate transcriptions by Mr 
Carr of 10 of Davis’s solos. Sup- 
porting th is is a full disco- 
graphy (by pianist/broadcaster 
Brian Priestley) including 
Davis's latest and already rouch- 
di^cussed LP release. 

In the realm of musical 
evaluation only occasionally can 
one take serious issue with the 
author, mainly when he assigns 
extra 'importance to some of 
Davis’s admittedly key albums. 
For instance, he avers that the 
Davis Porgu and Bess is “a 
major contribution to 20th 
century music;" that Kind of 


Blue is “perhaps the most 
influential single album in jazz 
history" and My Funny Valen- 
tine, “one of the very greatest 
recordings of a live concert” 

Stimulatingly, though, Mr 
Carr posits the view that Davis, 
unlike most jazz innovators, has 
brought to his music the idea 
of sustained conceptual develop- 
ment: 

Finding something new to say 
has been dearly a problem 
for Davis and shortly London 
audiences will have a chance 
to judge for themselves whether 
the distinctive-sty] ed trumpeter, 
though comparatively inactive 
in recent years and often hot by 
fll-health, has been able to move 
on and rise “ phoenix-like from 
(he. ashes of ids spent phases." 


Polanski: His Life and 
Films 

by Barbara Learning. Hamish 
Hamilton, £9.85 (paperback 
£5.95). 154 pages 


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M English-French and French-English 


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1 • - r *Uch -1" ■ ' 


£ M • Marche des valeurs hors cote? 

• Retenue (de l’impdt sur le 

pi revenu) a la source? 

& .. . - _ _ . . . „ 







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”**>■ -sjaivv. 







Baratin publicitaire? 
tAsile fiscal? 

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• Bail a long terme? 

• Prix coutant? 




•Personnequltravallle 
& aunolr? 




nu a aw 

• Unajout6? 


7TTT7TT 

i i d iipi.i 


EZ-V0US? 


Interested? Then read on... 


This new English-French dictionary is de- 
signed as a basic translating tool for everyday 
business language. It provides accurate com- 
mercial meanings of words with specific exam- 
ples of their business usage taken from Bank- 
ing, Stock Exchange, Accountancy, Insurance, 
Commerce and Law. Terms relating to the EEC 
are also included and in addition the dictionary 
has been compiled on the basis of the language 
commonly found in commercial correspon- 
dence, business newspapers, magazines and 
business documentation generated by com- 
mercial companies, banks, etc. It is therefore of 
immense value to the translator, the business- 
man, the secretary, the sales manager, and the 


business-school student, to mention but a few. 

This special edition of HarrapS Business 
Dictionary has been produced in conjunction 
with the FINANCIAL TIMES; it incorporates a 16 
page Guide to the Financial Times Statistics. In 
a separate section, international currencies and 
organisations are also covered, together with 
comparisons of balance sheets in English and 
French of a large multinational company, show- 
ing the relevant terminology and its usage. 


So why not go ahead and . . . 
TESTEZ VOTRE FRANQAIS DES 
AFFAIRES! 


Polanski’s life and Polanski's 
films share the same night- 
marish quality. It is inevitable 
the artist uses material from 
his own life — tut in Polanski’s 
case the emphasis is somewhat 
different. It is almost as if real 
life echoes the violence of his 
imagination rather than the 
other way round. Thus the 
terrifying murder of his 
pregnant wife. Sharon Tate, and 
her friends became, with tire 
help of over-excited (and 
creative) media, as mythic as 
anything he'd put on celluloid. 

Polanski himself seemed con- 
fused, posing as if for a film- 
still, on. tile blood-spattered 
steps of the house in Cielo 
Drive where the Manson gang 
struck. He took this confusion 
a stage further when he chose 
, to make Macbeth his next film. 

, Later . In. .life and career* 
another parallel occurred when,, 
after being sentenced for the 
statutory rape of a 13-year-old 
girl, he picked on Teas of the 
DTJrbervMcs as his next film. 

Polanski's life story opens in 
Poland m the 1930s. At the 
start he is the victim. In 1941 
the eight-year-old Jewish hoy, 
“ Romek,” is thrown out of a 
truck by his mother. She is on , 
her way to.a concentration camp 1 
where die dies. “Romek " re- 
turns to his father and Cracow 
ghetto. But his father is also 
taken away. Somehow the boy 
survives, spending time in a 
village wife a Catholic peasant 
family. ' After the war, father 
and son are reunited in their 
war-tom city, but only until the 
father’s remarriage; -when the 
throws his difficult son out of 
the house. Roman Polanski’s, 
character is ; already' formed. 
Always physically undersized, he 
moves among the desperate like 
a demonic, force, a survivor 
who has bad no time fo' learn 
about morality. Nor even good 
behaviour. 

• Soon he is a successful film 
actor and then, enrolling in the 
famous Polish Film School, 
moves to directing. But the re- 
stricted scope of East European 
cinema is not enough for him. 
He wants fee mass audience of 
the West. Knife ih'.the Water 
is (his Polish, success. Cul de 
Sac and Repulsion are. made in 
the London 'of fee Swinging 
Sixties. At last he is poised 
.for the final move West. As Ms 
Learning writes, “ Roman Polan- 
ski was a natural for Hollywood. 
His interests were right sex, 
violence, madness, fee bizarre 
. . . In this atmosphere 
Polanski produced the highly 
successful Rosemary’s Baby and 
Chinatown. 

The total amorality both of 
his lifestyle and his creative 
vision found, so it seemed, an 
appropriate home -in the Holly- 
wood of the late 1960s. 

There is. of course, a distinc- 
tion between life and art. No 
one would deny Polanski’s 
talents as an extraordinarily 
gifted and hard-working film- 
maker. But the effect of this 
book, the juxtaposition of his 
extremely unedifying personal 
life with his similarly un- 
pleasant screen inventions, is to 
make one question one’s own 
role as spectator. 

ftACHS, BILLING TON 


Unannounced, and perhaps 
unsuspected by herself, Doris 
Lessing has stopped writing 
novels. In - her. sequence 
Canopus in Argos : Archives 
she is doing something else. 
But what? 

The Making of the Represen- 
tative for Planet $ is the fourth 
in the sequence, and the 
shortest -to date. - It describes 
the material, . social, philoso- 
phical and spiritual changes 
brought .about in the inhabitants 
of Planet 8 when their world, 
once fertile, slowly freezes. 
The inhabitants (who speculate 
in long, awkward monologues 
on their place in the universe) 
are the handiwork of another 
species, referred to as “Cano- 
pus,” which seeks, by advice 
and instruction, to raise ‘its 
creatures to its own high level. 

The volume is rounded out 
with an odd Afterword meditat- 
ing on Scott of the Antarctic. 
This generates a certain definite 
momentum; hut too late to save 
a book which seems at once thin 
and self-indulgent. It is, un- 
fortunately, possible for a 
writer to rediscover in fantasy 
all the banality of realism. 

Julian Barnes’ Before She 
Met Me is by contrast bofe 
disciplined and rich. If this 
were a play there would be a 
mad scramble for ail the parts, 
since even “walk-ons” deliver 
splendid lines of analytical 
Comedy; and 4f there is a single 
distinct personality behind all 
the wisecracks, that does not 
make them any less neat or 
fanny. The danger is rather 
that the manifold surface 


pleasures of the book deter the 
reader from expecting pity and- 
terror in any measure from its 
plot- 

. Graham Hendrick is in hw- 
eariy 40s, secure in his job and 
intensely happy with his second- 
wife. Then, he starts to get- 
jealour, not in the present (for 
she is devoted to him), but o£ 
her past, when she was an 
actress and fancy-free. Jus 
interest in her past lovers starts, 
as a quirk, continues as a 
hobby, and ends as a terrible 
obsession. . It makes inroads 
into every part of his life; and 
it destroys him- 
Graham's brain, in fact, be- 
comes his enemy. Instinct and 
intellect are profoundly incom- 
patible, as the book’s first epi- 
graph, taken from a medical 
journal, points out; so presum- 
ably Graham has been lucky to 
fatl apart so late in life. The 
book itself is very much a super- 
ego job, a cool account of tur- 
moil. At one point, during 
coitus, Graham’s first wife 
recognises on tes face “ the ex- 
pression of a supermarket 
shopper who doesn’t need -any- 
thing from the deep freeze but 
still peers briefly and ritually 
into it.” It takes the reader a 
moment »to realise that, scrutinis- 
ing her husband’s ’lack of pas- 
sion, she is being at least as 
dispassionate «s he Is. 

The . presiding tone . of the 
book is a dismissive- wryness, 
which defuses and interprets 
and tames: so that it becomes 
puzzling rather than upsetting 
that Graham has net developed 
the narrative’s immunity to 
irrational drives. It seems almost 
perverse that he doesn't step 
back from the brink. 

In Before She Met Me Julian 
Barnes has extended bos range . 
without modifying his tone. 
What -this story calls for is a 
reptile with a pen; no worse 
description of fehn could be de- 
vised. Even at his most elemen- 
tal he is notably suave. When 
it comes to giving such- a sane 
and balanced account of a 



Doris Lasing - ; 
where have all the novels gone ? 


destructive obsession, Apollo, 
for 1 a}l *is hrilBanre aad 
worldly- wisdom, cornea dose to 
patronising Dionysus. . 

Almost every character in- 
Penelope Lively's ■ delightful 
Next to Nature. Art imper- 
sonating Dionysus for. pleasure 
and profit .The setting is Fram- 
feigh Creative Study Centre,, a 
stately home Xsr which * dozen 
amateurs coacne for a. week, .of 
supervised self-expression. 
There is pottery and poetiy, 
there 4s pretension and self- 
promotion, and (to start wife) 
there -are Filipino. servants to do 
the chores. The book, which has 
distinct echoes of Tris Mur- 
doch’s The Bell, mildly rebates 
the idea -of art as something . 
sacred and separate. ReKef from 
the manufactured intensity of 
the staff end the gullibility of 
fee students- is provided by fee 
child Jason, who Ik amoral wife- 
out needing to work at it. and 
by Mary Chambers, who notices 
things without being seen to dn 
so. One exquisite passage of 
description from her point of - 
view does' for slugs what Blocfr 
Beauty - does for horses, and 
establishes them os black beau- 
ties -in their own right 


Plight of the Poles now 


The Book of Lech Walesa 
Allen Lane (hardback) £3.50, 
Penguin £2.50. 203 pages 


BY ANTHONY ROBINSON 

Germans were ** fee eternal 

The Polish Ordeal invaders and pillagers who, by 

by Andrezej Szczpriorski, . fire atid sword, wanted to 

translated by Celina subjugate Slavic Eastern 

Wieniewsfca. Croom Helm, Europe." 

£7.50. 153 pages But it is Poland since 1918 

— — “ — ; — — I — which is fee real subject of Mr 

The Book of Lech Walesa Szczypiorski’s book. It is fee 

Allen Lane (hardback) £8.50, Poland whose traditions were 

Penguin £2.50. 203 pages kept alive by fee" Cafecaic 

— i — 7. ~ — 7 T“ Church; whose inhabitants 

The Polish August recreated a unified Polish 

by Neil Ascherson. Penguin. statCi after 1918, out of a poly- 

£235. 281 pages glot population Which "for over 

_ — : J ■ a century had been ruled in 

God s Playground: toy different ways by Pros- 

A History of Poland sians, Russians and Austrians, 

by Norman Davies. Oxford, two Mr Szczypiorski has praise for 
volumes, £27.50 each. 605 and Marshal Pilsudski. the - inter- 
725 pages war military dictator/ but also 

— — for Mr Vladislav Gomulka. fee 

When General JaruzelsJd un- anti-Stalinist national Com- 


which NeH,.Ascherson’3 The 
Polish August, now issued by 
Penguin in a second edition 
•with a brief post-December post- 
script, -and fee superb two- 
volume 'History of Poland. 
written by Norman Davies and 
published by' the Oxford Uni- 
versity Prdss. .are far and away 
fee best 


The Polish August 

by Neil Ascherson. Penguin. 
£2.95. 281 pages 


God's Playground: 

A History of Poland 
by Norman Davies. Oxford, two 
volumes, £27.50 each. 605 and 
725 pages 


Ausm 


BY 6AY J FIRTH 


leashed bis troops to try to mnnist • 

occupy fe a * territory of Like the vast , majority of. 


fee Polish mind occupied by - poles, Mr Szczypiorski is not a 
Solidarity and its supporters, Communist. He"' ' shares - fea 


he included in fes list of bitterness of those : who. fought 
illustrious- jail birds a 61-year- Nazi tyranny for six years at 


Her Untowh , (Brilliant) 

Career' •_/. -. 

by Verna ' Coleman. - Angus and 
Robertson, £9.96, 219 pages .* 


•old journalist and novelist home and abroad, only to have a 
called Andrzej Szczpiorski. new form of alien rule imposed • 


But before feat unexpected j n the wake of fee liberating ” 
knock in fee middle of a Red Army- advance. But he is 


December night Mr Szczypior- not blind to fee way in which 


ski had already sent to Croom 


Communist 


Helm, his London pifelisher. m?nized to inspire Poles, after, 
the typescript of a slim. 153 ida-?, into making a success of 


. Stella hQles Franklin achieved 
literary "success an 1901 wife 
My Brilliant Career: burlesque 
. autobiography 'of a strong, in- 
dependent young .woman -from . 
the ' : ' Australian sticks-T*ow 
made into a strong, independent 
-film- V .2 


page volume, now published colmirtng. the former German 
under fee prosaic title The lands in fee 'Wort. These were 


Polish . OrdeoL We can be bestowed by. Stalin in compen- 


grateful for his presence 


sation for fee loss of Vilnius and 


This wry. self-effacing canter Lwow in the East in order" to 
through recent Polish history give Poles a stake in the post- 


from the -Restoration of 
national sovereignty in 1918 up 
to fee very eve of fee im post- 


war division of Europe. 

The Stalinist rule of Bierut, 
the post-war leader, succeeded' 


tion of martial law is, to my in alienating moist Poles from 


mind, quite fee most lascinat- Communism for ever. He was 


mg inside view of fee tragic- followed by Gomulka — narrow-? 
heroic saga of modern Poland minded, dogmatic and penny- 
to hand. pinching; but nevertheless a 

It provides fee reader with a patriot Mr Szczypiorski's spleen 
lurid insight into the way in is reserved for Mr GomUUra’s 


which . a cultured, intelligent successor — Edward Grerek. His 
Pole views the dramatic rule was: 


events of tins century, and 
leaves a strong feeling of the 
ultimate- futility of present 
attempts to deflect feo Polish 
nation from its determination 
to live wife honour in Its erwu 
country. 

As a Pole, . citizen of a fiat 
country surrounded by Rus- 
sians and Germans, Mr 


“ the government of corrupted 
flunkeys. In fee whole ex- 
panse of a modem' country In--, 
fee centre oT Europe mere 
was no state,' there; was no 
law. only an enormous , feudal . 
court feat gnawed ; like a 
malignant cancer at the en- 
trails of fee nation-” 

A start was made - ixi- .. 


Szczypiorski’s appreciation of eliminating this cancer in 
Polish history is permeated by August 1980. Then Lech 


fee - basic historical fact of Walesa, unemployed electrician 
European culture. The east- turned tribune of fee people. 


west division of Europe was revealed that at the heart of • 
not a product of the Bolshevik this cancerous - grovrth . .was a . 


revolution, nor of Winston vacuum. Since December- Mr 
Churchill’s Fulton speech, but Walesa, like Mr Szcsypiorski 


of a far older and deeper divi- and over 4,000 other leaders 




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A first novel by a voluntary 
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old woman by some kids— and 
written in anger. - - 
What happens here is horrible; 
the author conveys the horror 
with compelling honesty. This 
is a very fine-debut. 

WILLIAM YTEAVBt 


Sion: and intellectuals-, ..has- been 

"It was here ati fee border silenced, and the vacuum at the 
of Russian and Polish . lands, heart of tbe official Communist 
between the Dnieper and fes State has been superficially 
Bug Rivers that one of the filled by the army. But- Mr 
- longest and most passionate Walesa’s :»lonuent silence, since, 
dramas in fee history- of then confirms him as a man 
Europe has been played whose stature and: . future 
out. Russia drew her vital importance cannot be denied, 
inspiration from Byzantium, For Those who have hot read 
Poland from Rome. Russia their newspapers for the. last 
brought forth in her history two years, Allen Lane 'has 
an autocratic empire, Poland published a collective portrait 
a republic with an -elected of the man written by Solidarity, 
king ... in fee end Poland members and others who knew 
found herself under Russian him in obscurity, or dealt with 
rule at a time when It bad him during fee 18 tumultuous 
outclassed her conqueror months of Solidarity’s existence, 
completely in culture and It adds little, however, to the 
civilisation.” identikit already -built up by .fee. 

That is how Poles' felt at the media; and the -man's' own' 
time of fee 18th century parti- direct roughneck honesty and . 
tions. They still feel it now. communicability. 
tempered, however, by the -feel- Taken .together, _ however. 
In? expressed most clearly these two "inside views" of 
during the retreat of - the the Polish crisis .and its 
beaten Russian armies in 1915 protagonists provide a welcome 


In 1908, in- her . mid-twenties, 
she sailed for America;' and ; did 
not return home for nearly 20 
years.; These "Tost” years were 
devoted ldSs_ to novel; writing 
than to political, activism. Verna 
Coleman's account of thrtn 
makes ' somewhat.., dispiriting 
reading. 

Here is a' muddled sequel m 
a .girlhood fuelled by .blazing 
•anger and . creative- energy. 
Stella - Franklin developed hrt 
feminist enthusiasm workin? 
in ' fee Chicago' labour "move- 
ment" then In * the National 
Women's Trade Union League; 

• writing for and editing fee 
publication Life ajld'Labor. She 
--continued to- -write novels ia 
America, aud:-later in London; 
but wife less, edge anff. little 
success.: Propaganda pre- 
occupied hfeV Artistic cottiidenee 
waned. “Hard work, persons! 
perplexity. ; jJl -hsalth and dis- 
content " sounds tembly.sad./ 
‘But Mrs ' Cbfeman’s earnest 
biography, often , florid 
phrase, does-less than it should 
to inuatine-a.' persoaality which 
remained optimistic;, a flair for 
language which,, faded in later 
hovels, flourished ' in crusading 
articles; combined with: a vivid 
gift for friendship. The golden - 
girl who bad locked up a .lot 
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in£ dust, doggedly, -until she 
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Financial Times Saturday April 17; 1582 



Saturday -April 17, 1982 


A complete overhaul of the law governing savings is on the cards following 
the Government-sponsored report by Professor Jim Gower on the movement. Meanwhile 
the individual saver and investor has to choose from a field where besides greater public 
scrutiny there is increasing competition for his favour among the various sectors. 



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careful 


By Rosemary Burr 

THE SAVINGS industry has 
been thrust into the spotlight of 
public debate over the past 
fifteen months. Not usually con- 
sidered one of tbe most aggres- 
sive parts of British industry, 
this sector is facing a period of 
intensified competition at a time 
when its regulation, is under 
scrutiny. .. . \ 

The old boundaries defining 
the activities of investment In- 
stitutions are being rewritten. 
The banks are taking on the 
building societies w their home 
ground of mortgage lending. 
The building societies, in their 
turn, are starting to encroach on 
the bank's traditional preserve 
of money transmission services. 

The wind of change is also 
blowing through the unit trust 
sector. With -the growth In 
specialised unit trusts the man- 
agement groups are increasingly 
finding themselves pressed onto 
the role of investment managers 
as they advise their' clients on 
when to switch from fund to 
fund. 

The rationale for investment 
trusts is under attack. Institu- 


tion. investors have led the caH 
for a radical reorganisation of 
the sector in an attempt to im- 
prove the trusts' investment per- 
formance and reduce the 
differences between trusts’ 
share prices and the .underlying 
value of their assets. 

The' industry has also bad to 
contend with the vagaries of 
Government policy. Over tbe 
past two years .the Government 
has carved out for itself a grow- 
ing slice of the investment 
market The growth in National- 
Savings was taking place at a 
time when investors were reduc- 
ing their overall level of savings 
in an attempt to maintain their 
standard of living. 

Aggressive selling of Govern- 
ment wares such as Index-linked 
stocks only. served to intensify 
the pressure within the savings 
cauldron. The Government took 
some .of the beat out of the situa- 
tion in the Budget when it an- 
nounced a tower National Sav- 
ings target for the coming year 
and by its pricing of the 24tii. 
National Savings 1 certificate, 
which left other savings institu- 
tions looking relatively attrac- 
tive to investors. 

Against this backdrop the in- 
dustry -has been pushed into thq 
limelight, because of the inade- 
quate protection offered to 
investors. Two highly publicised 
financial collapses last year— 
.that of Norton Warburg, the 
investment managers, and Dox- 
ford, tiie commodity dealers — 
only served to emphasise the 
gaping hole in the existing web 
of legislation. 

Tbe legislation regulating the 
securities industry has been on 
he statute book for more Khan 
40 years and is clearly madfe. 
quafe in today's marketplace. 


Ail you need to get a Govern- 
mera licence to handle other 
people's money is a dean police 
record, two testimonials and 
£500. It is even easier to set 
up shop as an investment 
adviser 'since no qualifications 
are needed. 

Tinkered : * 

-Pait of the reason for the 
inadequate state of present 
legislation is that past govern- 
ments have tinkered with the 
rules controlling the investment 
institutions instead of giving 
the law a complete overhaul. 
The result has been a confusing 
criss-cross of legislation, with 
some institutions such as banks 
ana unit trusts heavily regu- 
lated - while others such as 
commodity dealers offering 
investment advice “fall between 
legislative stools,” according to 
the Department of Trade. 

Last year the Government 
decided to take the bull by tbe 
horns and appointed Professor 
Jim Gower to graTmim whether 
investors in securities were in 
need of greater protection. The 
Department of Trade itself has 
issued a series of proposals de- 
signed to tighten its control 
over licensed securities dealers. 

The proposals, published in 
January -have not yet been 
dressed Into final shape. The 
Department of Trade is still 
digesting the City’s reaction. A 
draft will be circulated before 
the summer recess and will then 
be voted on by members of both 
Houses of Parliament 

The new rules are unlikely 
to come into effect for several 
months but the Department 
says it is “already tightening up 
procedures." It admits- at the 
same time that it has been nn- 


Professor Jim- Gower — 
his report left no comer 
of the savings market 
untouched 

able to secure a substantial 
boost to the staff involved. 

In their current form ihepro- 
posals go some way ■ towards 
placating the Department’s 
critics but without more staff 
even the best intentions will be 
difficult to put into practice. 
Of particular note is the pre- 
scribed treatment of clients’ 
money as a trust fund. This 
is designed to ensure that 
clients’ accounts opened by 
dealers or investment managers 
will benefit from the same care 
a bank would lavish on a trustee 
account in. the normal run. of 
business. 

The proposals include ah 
.■attempt to rule out possible 
conflicts of ' Interests - for 


licensed, dealers. The Depart- 
ment says dealers should only 
act as agents for their discre- 
tionary or managed clients'. In 
the rare rases where dealers 
act as ' principals the Depart- 
ment is suggesting ' that full 
details of the transactions 
should be noted: 

While 1 welcoming the Depart- 
ment’s proposals as a step ih 
the right direction most City 
institutions-' were firmly of the 
Opinion that ' something rather 
more 1 'sweeping ' was needed. 
Few, however, were' 'prepared 
for the wholesale review' of the 
savings industry' which Profes- 
sor Gower launched on an un- 
suspecting public at the end of 
' January. ' 

In A' lucid' 142-page report 
Professor Gower - left virtually 
no corner of the savings market 
untouched and even managed to 
include the pensions industry. 
He ended up expressing a pre- 
ference for a radical restructur- 
ing of the existing mechanisms 
to create a new balance between 
tbe 1 ' Government .and setf- 
5 regulatory agencies • - - . r 
• Centra r to 1 'his- proposal -was 
the: call; for four self-regulatory 
agencies; to. police the savings 
industry. These agencies would 
be set , up with statutory back- ' 
ing of the : Department of Trade 
and it would become an offence 
' to carry on business without 
being registered by the appro-' 
priate body. 

In order to gain approval an 
agency’s rules would need to 
be "adequate 1 to ensure the 
orderly running of its market, 

' -contain- powers to enforce com- 
pliance from members, provide 
structures to educate membere 
and a competsation fund to pro-- 
tect ■ investors' -in the - 5 case of 
' 'collapse. The -agencies would 


undertake the day-to-day 
administration, . . leaving the 
Government to concentrate on 
overall surveillance. 

Professor Gower is particu- 
larly forthright in his comments 
on the lack of, regulation of 
investment managers and 
advisers. He points to both “a 
gap ih the coverage of controls 
and in their exercise.” The 
Department of Trade, he argues, 
has insufficient powers to con- 
trol Investment managers and 
advisers rather than traditional 
dealers in securities. He calls 
for “ primary . legislation ” in 
order to achieve “a satisfactory 
result.” 


Response 


Starting up- a business: Support and advice 

Working abroad: Opportunities for tax-free savings 

Planning over a lifetim e. Needs and means 

Buying a house: Banks in the mortgage market 
Index-linked investment: Guarantor against inflation 

Redundancy: Resolving the traumas 

Stake' in Lloyd’s: Unlimited liability 

School fees:. Meeting an expensive preference 

International investment: Still a favourite 


There is little chance, how- 
ever. of “primary legislation” 
on investor protection during 
the lifetime of the present 
Parliament. Professor Gower is 
■currently wading through a 
hefty postbag from consumers 
but the professionals appear to 
be more tardy in their response. 
: It already looks as if some insti- 
tutions; -including i£e- Council 
for the Securities Industry, will 
- not meet the May deadline. 

V is unlikely that Gower’s 
final report will see the light of 
day before next spring. What 
is clear is that having got to 
grips with the issue be is not 
going to let go in a hurry. The 
initial response to his comments, 
it appears has done nothing to 
alter his views. If anything, it 
seems, farther discussions has 
only served to reinforce . his 
original contentions. 

The subject of investor pro- 
tection is firmly planted in the 
centre of the financial stage. 
As one Investment manager- 
said: ,? The Government will find 


it difficult to sweep the Gower 
report under, tbe carpet as . it 
caused such a stink.” 

Dr Gerard Vaughan, the new 
Minister for Consumer Affairs, 
showed last month be was not 
content to let the grass grow 
under his feet. He announced 
plans to implement the out- 
standing provisions of the Con- 
sumer Credit Act 1974 by the 
end of the year. Among the 
provisions to be brought into 
force is one requiring the true 
cost of a loan in the form of an 
anual percentage rate to be In* 
eluded in all credit agreements. 

Earlier in the year the 
Government took the savings 
industry by surprise in announc- 
ing its was asking the National 
Consumer Council (NCC) to 
investigate- personal banking 
services. “The move followed- 
a recommendation from the 
Office of Fair Trading (OFT) 
about the need for such an 


inquiry. The NCC expects to 
take about a year to draw up 
a series of recommendations, so 
these should coincide nicely 
with Professor Gower's final 
report. 

In addition the OFT is cur- 
rently considering whether, to 
launch an inquiry into one-’ or 
more building societies. It bas 
been having what it describes 
as “ informal talks with a couple 
of well-known societies." Its 
concern centres on the. inade- 
quate choice of insurance com- 
panies given to borrowers had 
the general language of policies 
and loan agreements, which it 
argues are sometimes unintel- 
ligible. 

The fruits of . much of .this 
official attention should land in 
the Government’s lap pest 
.spring. New legislation remains 
some way off, so for the moment 
It is np to the individual to 
be his own. White Knight ' 


7? 


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PERSONAL 


PLANNING H 


Financial .Times Saturday April .17 


... [i-yji&.iS x ... 


Support and advice for the would-be entrepreneur 


OFFICIAL SUPPORT for those businesses were registered each Labour administration. The Government, clearly in return lor a 3 per cent on uneresc . oottowcq 10 invest aas a omau g y . Addresses (tf nsetul edittftlkmal' : 

starting their own business has month and another 10:000 The Government's. list or lnte j K !* d .. s ^ eme Jbe by . S^^LaSt?) can ©rovide establishments, sources -of 

nrnhahiv now Wn disappeared- There were there- mpasiires aimCd at he i DiD p used by individuals on a u Do .borrower. The. idea is to extended to a ^vider group. turn (amffi^ajjww money, organisations which win 

Anvoni’ thinking oMakSsttfa broadly speaidng.ao.net sma^^mpanies now toSI * Yourself" basis. At .this encorage ithejanteic -lend ito The-s^ » .^> e .token in set- gglSfee ^wfthS&tagaia^^a> 

Ar m «r* SX* o- izL'Zsrz «!»» «>.s « m . - S™ s*- -« . ssjukjs-.- 


starting, their own business has month 


another 


The ‘ Government’s, list or tended the sfcheme to be " premium 


Government, clearly in return for a 3 per cent on interest borrowed to invest has a SmaU Firms CounsdHng 


the in 


companies 


probabTv^ There were there- . ffl e^ ai^daV helping «®d I by individuals on a - Do borrower. The idea is to extended^ a *Wer grot* 
Anyone’ thinfeng of takS this’ "2 small ^panies- now .totals 


money, however, should con- 
sider the options very carefully 
and if necessary be prepared to 


“turnover” of businesses was 
very roughly 10- per cent- 
Ganguly stresses that these 


UUUJ IUL .IUU ouamra omu . --- : «--■ --- — - — 

n °A lw resister t f ? r wT ■ - introduced in the 19S1 staee^of this 8 year's” Finance ■ Government has also 
andwhde this was set at a level ■ Act the scheme allows Bi n Anyone using the scheme by improving tile tax 

to bnng in virtually all full- ia<Eviduals to claim tax relief iS retime. ThT redactions in 


heed the advice of people who figures are only estimates -and is not room to mention them 
do not share their optimism, indeed they do have limitations, all but the most eye-catching 
The pitfalls are considerable. Businesses" wfth" "sales nf less perhaps is the Government's 
While this may be easier said than f 15.000, for example cUd Business Start Up Scheme, 
than done— and while the list no * h ®Y. e l ° re Swter for VAT. introduced in tie 1951 
of successful companies, parti cu- and while this was set at a level • finance Act the scheme allows 
larfj- in the high technology t0 bnng m virtually all full- individuals to claim tax relief 
field, which failed initially to on an equity investment in a 

get financial backing from those , “new.” company (up to five yea r s 

who claimed to know must nn re - old) at . their top marginal tax 

always give hope to the budding iMaTUllg <S rate. Naturally there ■ 'are 

entrepreneu>--there is now a certain restrictions on the type 

wide range of good advisors in uUSlxlCSS of company (financial services 

both the private and public sec- T1M businesses, for example, are es- 
ter capable of lending support • eluded) and limits on the 

and on occasions pointing out amount of relief any one indi- 

tliat the wheel has already been — vidual can claim. The maximum 

invented. investment was £10.000 for 1981- 

. SmaU business strategy is un- 111116 ma “y businesses 1982. though this has been 

rn a nov*A nnAn *rU _ a z ^ ^ <■ . ^ ran nAA L _ » 


of th» OB * f ** 35“ ^’See- 

ing companies there is signifi- w here mvestments are being wfoout the JBwnM 

cant support for sunups. There ^gM **** . «-aft 

is not room to mention them ™- leeUQ 2 ,s tnat tnere are “TlJrL, 


and a well prepared financial 


all but the most eyecatching still' too many restrictions and ^ ha !l. be f,° S*™?! ^ P^n is absolutely essential, managers and acewmtanre business atMsoiy services, 
perhaps is the Government’s ^certainties, though some of the -Department of Industry Before doing -lids - one possi- should* always be jprep^«i to guides ■- {«:.• 

- • — - ■ the small print could well be have, apparently been new tngty aright be to go op a start- listen. Tfcerange ^ money) are Finding Money.for 


accountants «?■: 


individuals to cuum tax relief should nevertheless tiaise s ^ sme ^ The . reductioim m 
on an equity investment in a Pll ^, v ^ ,p^!. ntant nr - income tax and the indexation 
“new.” company (up to five years- oSrSiSor of capital gai V tax are of course 

v,fr mtnin.1 ° ulcr PtBlBSSlUUdl AUVlSUr. incentives ■ e **“ waM»<M Kilt 


*gJS^JZ£3*Z 5CSfc5Si«KaB3nfi- 

scares of educational establish- . sKterabie out it is wH>ossrp*e ^ sales, 108 New 

meats ®d ofter agencies run- w niies.^At tne ena m 0jrfonl § treetj London WC1A 

ning relevant ‘‘events." lEkSS UHJ) and Money for business,, 

rut... ~+ An individuals involved, so it is . 


old) at . their top marginal tax p 

rate. Naturally there • ‘are The 
certain restrictions on the “type Guarantee 


regime, ine reouenons w nimT relevant “events." toe day muen -aepeBos on 

income tax and the indexation eonridapatfenR at the individuals involved, so it 

oTwfiSafJ weU worth ehappmg^ 
tailf . there are many oi^anisatmcs One of the_best publicatii 


SSS^JSJg which is available ;*rom. the, 
fll worth shopping around. of England City Comnumi-.. 

One of the best publications ^0*5 centre. 

. a..* ^..n.kla is o'Cmiwoc' — ■ *- . 


The Government Loan specific action, has been taken nWhat i* Available is -Sources - ^ . . 

uarantee Scheme, which is to help small companies. In the prepared JJ. ^ 'irformation for New and -*Pri» £1 iT 0 ™ BaHw t 


ifSwSfiSfi beSg nui thrmShthedearing lit BudgetT tiie ^ ***■*+. 

businesses, for example, are ex- banks, is the ocher small owners small companies Corporation g»j 1 P r °? uct 1 P ser ^ 6 ** Small Business, prepares o. . 


TIM DICKSON 


SmaU business strategy is un- time ^adere, many businesses 1982. though this has been 
doubtedlv a very important part “V, have been missed. That raised to £20.000 in respect of 
of overall Government economic wouJd ■“ t0 . be confirmed by 19S2-S3 and 1983B4. (Unused 
poUcv. The shake-out caused ® « cent estimate from Mr relief last year can be earned 
by high interest rates and the iforward making tiie g**™ 

tight money regime at a time < * irector of the Economist Intel- . maximum £30.000 for 1982-83.) 
of world recession has not only Gnit that the total stock The effect of this measure is 

loft minv ftn thn rtolo ntionoc Ol UR. OUSineSSeS IS 2.oHl. th.t tka «at iy»ct of 1 fid IUM 


eluded) and limits on the ■ “ headline ” measure of the past Tax rate 
amount of relief any one indi- three years. This provides a moves v 
vidual can claim. The maxi mum Government guarantee for 80 unquoted 
investment was £10.000 for 1981- per cent of a medium-term loan back tfcel 


rate rnniu± eubUDB b«n developed Is forgetm^ to Mr Colin Barrow 01 xname 

rws's^ra 


To Mr CoJ^i Barrow of 'Themes ^ 

r,TT a trpnf-v in cnllabora- London SE1S oaH. uteqttes 


ssTrarsirac mm« * ■»*.» 


— — . ■ — — t- v l ,k»'’ tion with the Bet; ana aneu puyu. w*. ■*/ ""‘"rr- 

unquoted companies to buy ir _ ■' • 7 ,. ttr ‘ This Is good value* and it and send large 25p SAE. 

back their own shares; tax relief The Department of Industry UR* iuis « gooa ’« UB 


tight money regime at a time 
of world recession has not only 
left many on the dole queues 
but has also left many inside 


ai stock The effect of this measure is 
> m - that the net cost of a £10.000 
of the investment in a new company 


but has also left many inside The key message of the investment in a new company AT JL 

large companies feeling inse- Ganguly figures, however, is the is only £2,500 to someone pay- 
cure and apprehensive about high rate of withdrawals from ing tax at 75 per cent. Besides 

further corporate cutbacks. the register (presumably be- being an attractive deal for rnrsin .avtpcp*c 

If the growth of enterprise cause of failure) as well as the investors the scheme is uvi,w>£,Ab to worx 

agencies, new local authority promising number of new potentially a great help to' the can Provide a major opportunity 

schemes and other initiatives to ventures. Experience elsewhere would-be entrepreneur loo king to earn a substantially higher 


Opportunities to enjoy tax-free savings 


the register (presumably be- being an attractive deal for rnTAjr . nwnw . c tD -u income earned by regulations. In many respects There is also spread of m- 

cause of failure) as well as the invertors the scheme is G0GiG OVERSEAS to " ork ^ t?K vStere iBeSSSa expatriate Spar- vestment to be consider^, not 

promising number of new potentially a great help to' the 0311 provide a major opportunity the Inland Revenue. it arises. ticulariy- fortunate in that his only in terns of-type but also 

ventures. Experience elsewbgre would-be entrepreneur looking to earn a substantially higher Someone who is only going Z. th « . clearing bank may well have geograpWcally and wim diyerse- 

suggests that as manv as eietit for start .«n funds. salary. Initial calculations of abroad for a few months will not ... Ane n-c^eouc <r*raresMi>t»tive. currency exposure, mere is no 


promote employment and busi- suggests that as many as eight for start-up funds. 


ness creation were reflected by 
the increase in sound new busi- 


out of ten new businesses 
ultimately fail in the first 


'<|£Vmm£S ShS —TbTW ^representative 


nesses, the Thatcher experiment couple of years, so the chances 


Some helpful evidence was measures which they have intro- while stockbrokers Laurence 
produced earlier this year by duced since the Tories came to Prust have been involved in 
‘.Mr A. Ganguly, the statistician power in 1979r-though Mr two. known as the Basildon 


capital gains taxes. 

Now that exchange controls 


proffer investment advice. 


rket he 
pie feel 

sterling 

intend 
c to tile 
eon pas- 


'.Mr A. Ganguly, the statistician power in 1979r-thoush Mr two. known as the Basildon Now that exchange controls The idea is to lose UK resi- risA or whether or . 
‘.at the Department of Industry. Harold Lever, the first Minister Fund and the Second -Basildon have been abolished in tbe UK dence, at least as far as the ^ accommodation. 

After studying the VAT records ever to be given special respon- Fund. The £1.1 m.- Basildon the main difference of working Revenue is concerned. In a nut- «#,»*»•*» a ner^on «>es ti 

for 1980 he discovered that of sibility for small firms, also Fund is already fully invested overseas is taxation. An essen- shell -the Revenue seeks to tax aw ma full time c< 

the total 1.32m legal individual deserves considerable credit for in a wide variety of new rial issue for investment and income arising in the UK, no nf which me 


units in 1980 around 10,000 new hig-a phb»vAniPnt^ under th*» last b usinesses. 


other derisions will hinge on 




iiTTEfli 


period " is over a year. and visits the coimltiyM 0 ®^- SS .you are a particularly sing up some canssdorable dp-: 

Tbe idea is to lose UK «*i- possible to go into 

dence. at least as far as the med his accommodation. 2SS' a defied sSategytatlreex- 

to Witere a petson goes to work ^ ^ personal service? patriate “has a wide choice of 

StL? a SfVS Tr, overseas on a full time contract ^ investment media. Much of the 

inawne arming is the UK, no 0 f employment, winch means he t ^ directed towards derisiWMnaking ; will of course 
matter to whom it belongs, and ^ of country for at more be constreijod by ,ti«r amount 

least one full tax year, he will in-house, and possibly there is to Invest T2ie oppor- 

be treated as a non-resident by ; s t insurance policy. tnmtites indude direct equity 
the Revenue ftoo day one. Yet tf ^ ewpa itriate investor : . investment -and fixed interest 
Visits to the UK will not affect h a considerable sum to invest sweks and hoods a vide 

ins status as long as the 183-90 £ soooo or more there ounber-of markets, as well 95 

days rules are not broken. wtIl '|, c utile difficulty indbmin- Eurobonds, commodity funds 
Again, on the score of tax- w a specialised service, and Currency funds, ‘ right 
a tion, potential expatriates Jt j S . worth while shopping tinpugih'to physfical assete such 
should not ignore capital gains around, approaching a wide as metal, property or the *al- 
tax considerations. If it is spread of advisors' from stock- ternattves." ■ . 


PM 


BE THE BeST INVESTMENT 
TOUD. EVER MAKE 


tax considerations. If it is spread 
necessary to dispose of assets brokers 
before departing try to avoid (assumi 
selling investments showing 

capital gains tax liabilities. 

Once non-residency has been _ 
established, these can be sold p 

without any tax liability. Simi- 
larly assets to be disposed of j 

which would show a loss should - - 
be sold while still a resident, 
therefore establishing a tax loss 
which cam be carried forward 
to the expatriate’s return to the 
IjK_ Interest 


brokers to Swiss bankers Some are more apprepnate 
i assuming you have to flban others as far as the ex- 

patriate is concerned. Bearing in 
■ — srind the ta* advantages afnoa- 
.. _ residency in times of iti^i in- 

WorkinH . terest rates, both, ©steal and 
■ real, someane can reap the 

abroad ' . benefit Of gross interest pay- 

_ _ ments is in an.- enviable post 

TEWIY QMWEIT : Sri “gt present ibe non 

- ■ — ' . resident might lean 'towards 

high-yiekfiiig bonds mr peitiasps 
Ekonaboocls. r- 4 

Interest them). Find oat what - -Tbe tetter may; seem rather 


UK. interest them). Fiad oot what .--The. tetter nay; seem rather 

Notiiing to do with taxation they have to offer and examine complicated , Dealing,, it^ ^Is true, 
ever seems straightforward and past performance . — ■ tboo^i '• is ' not strai^itfiorwtird but in 
tiie position for both income history, of course, «an only be some respects the qualities of 


and capital gains taxes can be a guide. 


EureSMOds make them ideal in- 


speciausahonM , 

BflafS DIVIDENDS m 

Bar many years txnit^*;. 
trusts have provided-wise^^' - . 

and rewarding ways to > 

invest Bat with the wodd ; . 

ecoiMmy in a state of recession 
it has beoane even more necessar ^®fe. 
to look further within the world 
urdt trusts fbrways to make your invest- 
meats more flexible and fruitful. It is with, this 
in mind thatNatWest Unit Trust Managers 
have launched a range of specifically tailored 
unit trusts that combine their experience and 
sidlL 

They have sooght-tooughfliis diversifica- 
tion and specialisation to make each one of 
these unit trusts a successful and profitable 
■way to invest your money over the long teim. 
In fact Money Management statistics show 
that several Nafttfest trusts are consistently 
amongst sector leaders. 

Four ofourunittrusts are describedbelow. 

As yon will see, a striking rate of return 
canbe achieved i n. the short term but it is 
essential to remember that all four of them 
should be viewed with the long term inmind. 
They all have this in common, along ^ with. . 
the specialisation factor which, reflects the 
expertise and experience of our Investment : 
Managers. 

Ea ch on e of them has h tihfrtri ft a sirig te* 
minded mvestment philosophy in a very 
specific area, because our Managers believe 
tetnowis the time to make sound but imagina- 
tive investments in areas of great potential. 
This is what these trusts are all about 

The North -American Growth Trust was 
Iaunchedm January 1978 as the Universal 
Fund (re-named Dec. 1981). This trust has 
specialised in growth, areas in the North 
American continent since its launch. It has 
been closely committed to die progress of 
the oil industry in that time and has experi- 
enced commensurate volatility. In fact 
against a background of price weakness the 
cSinchishyhas snfforedjecraitly.ButinbstrK- 
poDableinrestinentmaiageis agree that oftwilL 
fpy pgfaMTsh iforif :refl jmg term Tnv ff tfmmt nrea. 


at the end of 1979. Since then we all know that 
smaller companies have taken a battering as a 
result of the general economic sitnation.But . 


even in this beleaguered period this 
v trust has shown a remarkable v|(p 

J/N. capital growth of 6L0%. and our 

iavetment Managers continue to t 
believe that smaller companies 
^g^^^^j^haye_gpod prospects 


launched in ?.■* fe'i. : ,'V •’ ■;'* 

summer of 1981 s’ • j^.V' 

and has as its V 

meot philosophy the 

belief that the recession is 

levelling out andthatnowis 

time to take advantage of tins pppor-^^^®! 

tuniij* by investing in companies that show 

potential for future growth. 

The Taoanese & Pacific Growth Trnst 
began life at the end ofl981.lt concentrates on 
investment in the Pacific basin -whereFar 
BastEmexpertisein high technology andmass 
production has had such a profound effect on, 
not only our lives, but the economy of the 
wodd ingeneraLliietrurt aims to take advan- 
. rageoftheprovenrecordofflielapan&Badfic 
basin as an inv^tment market. • 

THEMJTOEE . 

Theshorttermperfonnanceoftii^ 

. has been variable, but what the trusts.aflhave 
in copnaop is a sny e -minded c Qmn ri tmflnttD 
differing investment areas and a solid found- 
ation in realism. This realism means a com- 
xnitmenttothelongtennandlastingelements- 
in thewodd economy. Andyou could find no 
sounder and more sldlfal advice on this 
coixuzutmentthmitiirou^l^WestXU 
IxustManagers. 

HOWTOINVESTNOW _ 

. Simply Min the conpmbeiIow,or 
cilternafefely fake it to any^ temdi ctf National 

is £500. 

The imitprit^willbe determined as that 
prevailing on the day ofieceipt of application. 

Distributionofincomefixtmtmits maybe 
remvested in these trusts.In view of the speaal- 
isednature of these ti^stsvrfiichaim primarily 


fbrcaifitalappredation.the 
Managers stcon^yrecom- 
ij, mendto investors that 

g, income distributions 

Jg, should be automatically reinvestedin 

Wmk Repurchase of further units. 

WSl k "iou should remember that the ' 
price of units andtheincamefiom. 

Rem caD go down as well as up.' 

lira additional information 

Applkotims^rill not b« Beta owfcdgctlbot 
eatScwa wlllbctecal within 42 dayt. 

.The currenioflertoKl bid pifceBanB: estimated 
ETosiyloid of Bk trusts ^rillbe j»Uiislied daily in the 
^huneulTZmo. 

m DfctrilmdaBS of net ioccmo win be made half 

» : . ^CTp yearly for each trrat as fuDows: 

flHV N^nedcan-lSIoneaiuIlSDecEibbccCAsatjUj 
. ; the oftdr price ofunjtawss5ilp girtug a gross yield of 

Sraalkt Coropanies-SO March 8OA30 Septerabec (As 
a/ "it5 Sa5p*ric£ across yiddoT 

Recovery--^ Fcforoary and 3SAngasL(A» at JIG the oE6nT>rfcB 
of unltewas 5]J8p giringo gross yiddciCCXS1b-<C239 r Waet) 
Japanese 4 Padfc-20 Aprilflod 20 Octobae (As at 31G the nfltr 
peibe of onitt was 44Jfp sd giringa gross Jieitt of£L3496-£(X94»i netj 
For in As catena nude now the first dSstribatnraJBbk 20 OcaAec 
If yon wisfeytM can buy unils Unooghjonr own bonk;, 

- Rc mnnaa nna is payabte io qaaSBeri agents and tales are «va3- 
ahte op TequesL'niooBerpricc of miiah Kdodes an initial charge of 516. 
Thereaf icr a half yearly charge of 0373‘Xi pins VAX of U>e Taiae of the 
Ihiscis dedacted from the pros* income of the Thistto arrer admini%- 
tiaion coot, although tho Trust Deed pernits this to be inaeasetHo 
03% -J-\WXTh scD units firapiy rmnxy our certificate* ») duly ca dosed - 
and yon \t-Ul receive (he cask vales within 10 ds 3 e,bBsed on the bid 
price mfing on das day of receipt 

The management mmpnny IsNatiQnarvSstnriiiststIJnStTcQst 
\l 2 n.if i * re Limilcd. 

ThfK* E» g Tjf^iprf, Sc ft 

of tiieUniiThist Association. Investment ManegetK County Bonk 
Iiiniied,q.H^awrrin).The tnutce is Royal EajdiBngriAasutaoco.TIilab 
a"wide: rangcf trustee Investment-Tha oSsr is notavaDahte to 
Ot lfaaB^phEC rJ Wtanrf 

^ National Westminster Specialist Trusts ^] 

} Send toNafionelWestmlnstcr Unit thstManagesLaaifed, } 

I 161 Chenpside, London EC2 V 6EU. j 

I Tfelcphone Enquiries: 01-606 6060, extension: 1633. I 

| JfWruqsh to invest £ : ^.(minimum invcsUnerrt of { 

1 £500] in NnLiooal WestaiiiifTcr N^Amorican Grtm-Jt TnisC Q i 
SmaJlerCoinpatiiesTraarQ Recovery Trust □ Japanese &■ 1 
J. BtcificCmTkThistQ aiitu: price preraifing on day of receipt j 
J of application. . . I 

I I/t^endosemy/ourrmiiitanccpa^lctoNalioi^ f 

I TM w t Tn hutlprTInit TViw tMmi^emTlmttwI... j 


further for a mar- EUnally keep & sharp -eye ® vestmeots. They aire secure. 

Tied couple, especially if one the charges. They can vary payments aw* made gross and 
remains a resident while the enormously .-and come m many geoeraHy they offer a higher re- 


other is abroad and technically various guises, 
a non-resident It Is just as The expatriate, just like any (those -witii jnsuffic tertt o apifal 
well to get foil professional otiher fovestar, has to wai^ up expertise to i nvest ^rect tih^re 
advice in advance of going his investment portfolio in are several international bond 
abroad. teraas <rf both perfatraance and flaWscn ofterndncfli shonddaot 

Though exchange controls no For tbe expartTi- be oveiteokedi--'-. 


-Cum ttfflrt bai* deposits. For 


FSnaUy, just os foe espatri^e 
needs professional advice he- 


longer exist in the UK, they do ate, his ctowge of tire status Finally, just as foe espatmale 
to a lesser or greater extent in fonws many of ins past invest . needs professional advice- be- 
many other coon tries. If you meat -criteria, out of foe wiet- forehe leaves, foe UK shores 
find yourself working in a coun- doiw. Bank deposits are a tax- he will heed a' great deal as he 
try with tight regulations, you efficient way of holding foods prepares to return. From foe 
wffl want just enough of your in the UK as are «nne National day that hfe tends in the UK he 
income paid into an account Savings and Government stocks, will resume Ms resident states 
there to cover your living needs, • But where dividends are tax- again and • his woridwide to- 
with the rest diverted to a able at scarce they no longer ooase will become subject to 
control-free area — tax havens represent a viable holding un- • UK tax again. ' - - 


such as the Channel Islands or less there is hope of sobstezitiaS For foe eon 
the Isle of Man are ideal capital gain. The caveat here: is will revert to 


Man are ideal capital gain. 


For foe 


free his income 
.YE with little 
lay get a blt .rf 
will be able io 


for foe British expatriate. if foe re is .a doable taxation foes, foough he may get a Wt-rf 
Where to turn to for advice? agreement with the country a holiday for he win be able to 
The UK clearing mid merchant where you are working. That offset s full year of tax snow- 
banks are foe obvious first port may e n a bl e you to clalffl back ances even if he returns for 
of calL All have plenty of part .or aU of foe , tax - paid oitiy ;a smaH propoettan of foe 
expertise to. guiding potential Building society deposits, for. . financial year. Dealing with in- 
expatriates and few will be exampfle, - wouild represent a vestment dneotoe is more. «wm- 
withont offices in the traditional pretty poor Choice of invest- plex, Swwever, and the unwary; 
tax havens — a hangover from meat for foe average expatri- ' can end up paying, .more las 
foe days of strict exchange ate. than need toe. 


PROFU FROM OUR 




& 


IamAfeareovertheafisons. 

SkmturHA. 


Bate 

Hck here for automatic 
iB-iavcstmcntofiacomcO 




THE CITY OF LONDON 

BUILDING SOCIETY 

Oner an imuih! rjlc of 

^10-25%^14-64% 

n,et p j. ... gntss p.;t. 

' ' - .. fori’asii yj'juL\ r.;-.yir< 

at 4 months notice of withdrawal. 


idiy /o 

nel.p^i.' . . . ‘ ^rns^pii. 

:• r.iT Vai;.- i.v; pu' o<> . 

at ’2 months notice of withdrawal 


CAPITAL CUYSHARES 

Minimum investment s 1 

Your investment will always aitact a rate 
i iug^ier thantiie Society’s Onlinaiy Sharerate. 
which at present is £9 -10% net 


- The^ofLondtaiBuiltfinffSodets 
tu ~ 34 Londofi Wall, London EC2Y 5JD.’ 

ine utyoT lfet 01-920 9100. 

T r\MTV\W Founds Member o£ the Buarimjr 

1 IA/llay\/il Jwdetles AwociatioiL5harvsaDd 

BUfDtNG SOCIETY it>{HvSitsenjQy J lhretec Status. 

1 Aasetscjcced£xti,ooQ.ooo. Sfigkml i>ffioes atKurwjeh aaABriatA 






\ financial Times Saturday April ’17 1982 


PERSONAL FINANCIAL PLANNING IE 


eye on needs and means 


The Winchester Life 
Currency and Gold Bend 

A Single Premium Life Policy 

An opportunity for U.K. investors to participate intiiehigji^successful 
Dunn&HargittCuxTency&GoldPooi 


FINANCIAL. PLANNING, like 
life .'itself, is an ongoing hap- 
penning, with the individual 
needing continually to revise 
and update his financial arrange- 
ments as his circumstances 
change. A former colleague 
summed up Uxe situation admir- 
ably when, parodying Shakes- 
peare. he -described it as the 
"Seven Ages of the Investor."- 

There are. however, certain 
baste principles that need to be 
considered at all times and cer- 
tain questions that need to be 
answered. They must be 
answered ' moreover in the 
correct . order. 

The individual first needs to 
consider why he is saving and 
to sort out his priorities. He 
needs to consider the financial 
requirements of' his dependents 
should he die or become dis- 
abled. He ; needs to consider 
how much of his assets should 
be kept in cash to meet emer- 
gency bills and how 'much can 
be set aside for the future. 
Then he can see how far his 
resources go towards meeting 
these aims: ' 


Only after he has thought this 
through should the individual 
consider how to invest And 
which investment vehicles to 
use,, with particular emphasis 
on tax efficiency. All to often 
the investor takes out a savings 
plan because it has been sold 
'to him or because it has been 
well advertised — and he thinks 
• it will meet all his needs. 

- Following the natural pro- 
gression from cradle to grave, 
the Arst consideration is finan- 
- cial planning for children. 
Their financial requirements, 
like life at this stage, are rela- 
tively uncomplicated. 

If- children have any income 
at all beyond their pocket 
money it usually comes from 
grandparents or other relatives. 
As qn- aside, such income from 
anyone other than the parent 
should be made under covenant 
so the the child, through his 
parent, can reclaim the tax. 

The reason for investment for 
the child is also simple — to 
accumulate a cash sum for use 
at some unspecified future date. 
Children have no one depend- 


\7% 

ieZ 

152 

142 

132 

122 


Clearing Banks' 
Base Rate 


ISvSv: 

mm 


J - - - 



Mortgage 


11 % 


10 2 


HI 


BUILDING SOCIETIES 


I -Xt-X-vX-X .v>.v v> 


mm 






1981 


1982 


ing on them financially and 
thus can afford to take certain 
risks with their investments. 
They are not likely to want 
cash at a moment's notice, so 
investment can be a product 
whose value fluctuates. Finally, 
children usually do. not pay tax. 

These factors indicate in- 
vestment in equities in a form 
that is tax-free — or at least 
where tax can be r eclaime d. 
Unit trusts arc the ideal . 
vehicle providing the parent is 
prepared to go through the pro- 
cess of reclaiming tax. There 
are several schemes using life 
bonds, but these are not as tax- 
efficient as ubit trusts, since 
tax paid by the life company 
cannot.be reclaimed. 

The next turning point 
comes when the individual 
starts work and acquires ah 
income. of his or her own. The 
Immediate requirements are 
still straightforward with no 
immediate financial depen- 
dants. But planning now 
needs to look to the future 
when - the individual gets mar- 
ried and wants to buy a house. 
Now is the time to start saving 
for the deposit and the sub- 
stantial sums needed to set up 
a home. 


Planning over 
a lifetime 

ERIC SHORT 


The individual is likely to 
need his money in the space of 
a few years, so some kind of 
deposit savings where the 
money is easily accessible is 
indicated. In addition the indi- 
vidual is now paying -tax. There 
are a variety of schemes avail- 
able from banks and buMing 
societies. The investor in mak- 
ing his choice needs to look at 
the after-tax return, not the 
gross or grossed-up interest rate 
being displayed. 

Marriage represents a major 
turning point in the life of the 
individual and has considerable 
repercussions on his financial 
planning. For the first time he 
acquires financial responsibili- 
ties and thus needs to consider 
what happens should anything 
unforeseen happen to him. This 
-in turn means considering tak- 
ing out life assurance, not as a 
savings vehicle but for life 
cover. 

At the outset the individual 
needs cover against the mort- 


The banks’ thrust into 
the mortgage market 


JTHE HOUSE-BUYING scene is 
changing. No longer can the 
new home purchaser rely on 
the particularly favourable 
recent swings of the housing 
cycle to cany the investment 
-r-usually the largest in an indi- 
vidual’s lifetime — into the. safety 
of significant tax-free capital 
gains. Housing prices are flat, 
or at leant sluggish, in compari- 
son with some of the heady 
advances of ilie last decade. It 
pays more . than ever to pul 
opes mortgage base on the best 
possible footing. 

While recession is Taking the 
heat «t of house prices, the 
Government has decided, cither 
by • neglect or default, to 
remove or to continue dismantl- 
ing some of house ownerships 
most enviable advantages. 

True, the threshold of each 
band of slamp duty went up 
by £5.000 in the Budget but 
the coilins of tax relief 
remained obstinately stuck at 
£25,ouo imrrowinus. That limit, 
as successive administrations 
have plainly, showed, is not 
about to shift in the foreseeable 
future. 

But one Inland Revenue pro- 
posal. enslirincd in the Finance 
Bill, looks set to increase the 
cost of mortgage repayment, par- 
ticularly m ilie early phases 
of the terra. 

From next April onwards the 
Revenue will switch the admini- 
strative burden of providing 
mortgaec interest relief to the 
lenders'- At present, mortgage 
pavmenfs are made at the gross 
level, with the. appropriate 
relief deducted from lax under 
the PAYE system. 

Now. however, mortgage 
repayments are 10 be paid net 
of tax al the standard raw, 
something whirh in the first 
instance is going to make tire 
wilier more complicated for 
higher rate payers. 

But tho. building societies 
have -decided that they will 
spread the burden of interest 
payment more evenly over the 
terra , of the loan. That sounds 
quite equitable bul it will not 
help the first time buyer who 
is usually borrowing the highest 
proportion of the cost of a 
home -and it must diminish one 
of the principal reasons for 
electing for a repayment rather 
than an endowment mortgage. 

One of the major changes in 
the housing market over the 
past SO months or so has been 
the emergence of an important 
new force in the provision of 
mortgage finance. The clearing 
banks have arrived in a bis 
way and. are thought to. have, 
captured some 40 per. cent- of 
new-lending last year. 

The: scene & currently chang- 


ing extraordinarily fast and 
what today looks to be the best 
mortgage buy may be shoul- 
dered back into the ranks of the 
also-rans as new schemes come 
on offer. 

. But in very general terms the 
clearers were competing very 
successfully on price and avail- 
ability from outset. Differential 
rate finance was an unknown in 
banking parlours and every 
branch manager' had access to 
very large sums indeed. 

The building societies have 
perforce responded, though with 


Buying a house 


RAY MAUGHAM 


varying degrees of success. Dif- 
ferential rates are disappearing, 
new savings vehicles have been 
devised to combat the threat 
among other things of National 
Savings; mortgage funds seem 
to be readily available. 

It is impossible to paint the 
picture with anything other 
than a broad brush but as a 
general rules the societies 
which are determined to retain 
an aggressive stance in the 
major rationalisation the move- 
ment as a whole can see oomins- 
are trying hard to stay in the 
mainstream of innovation. 

It may be invidious to pick 
out one or two schemes, in iso). - 
tton while so many others must 
be still on the drawing board 
but Barclays ^Getting Married* 
proposals are in the 'forefront 
of the clearers* attack on the 
societies’ traditional preserve in 
the fir>t-time buyer market. 

Put briefly, the bank’s guar- 
anteed mortgage scheme quali- 
fies anybody saving at least 
£1.000 in one year for a mort- 
gage of ten times the sum 
saved, with interest at 2 per 
cent over the deposit rate on 
savings. 

There are a lot of extras 
thrown in; valuations up to a 
maximum of £100 will be paid, 
discounts on BUPA are offered 
—as well as a bottle of cham- 
pagne to celebrate the couple’s 
first day in their new home. 
The scheme is conditional, 
naturally, on transferring both 
spouses’ current accounts to 
Barclays. 

"Getting Mamed* is by no 
means the end of the story for 
first-time buyers. Bristol and 
West Building Society is now 
advancing 100 per cent loans to 
first-time buyers seeking up to 
£25,000. The society requires 
the borrower to establish "fin- 


ancial credibility*’ by saving up 
to 10 per cent of the purchase 
price but these funds can then 
be used to pay for the host of 
other bills associated with a 
first home. 

Bristol and West also grants 
93 per cent loans on homes 
valued up to £40,000 and offers 
a quarter point discount on i 
mortgage rates for the first five i 
years to first-time buyers bor- 
rowing up to £15.000. 

Lloyds Bank, the first clearer 
into the mortgage field in a big 
way and arguably the most 
innovative, also offers 100 per 
cent mortgages and has set the 
ceiling at £30.000. 

As in all forms of lending, 
however, the stated mortgage 
rate is lower than the real rate. 
The annual percentage rate — or 
APR — is the amount of interest 
payable as a percentage of the 
outstanding sum coupled with 
any fees charged by the lending 
institution. It is important to 
establish whether the lender is 
charging interest on a reducing 
balance throughout the year or 
whether the Interest is calcu- 
lated for the whole year and the 
amount outstanding on Day 2. 

At the moment It looks as 
though Lloyds' real rate of 14.2 
per cent fon a. flat rate of 13.5 
per cent) is lower than the rest 
of the field, - which is charging 
14.5 per cent as an annual per- 
centage rate. Only the Co-oper- 
ative Bank is in the same rank 
as Lloyds but it does charge 
more for loans over £30,000. 

Lloyds won this slight advan- 
tage because it was the last 
lender to alter its charges in 
the last round of mortgage rate 
cutting. The other three clear- 
ing banks all levy some setting- 
up charge at the moment and 
both Barclays and Midland Jiave 
set a flat rate of 13.75 per cent. 

But it is important as a first- 
time buyer, to remember that 
these rates are not fixed in per- 
petuity. Mortgage rates, as all 
home owners know too Well, can 
be as changeable, as the weather 
— although they always seem to 
move far too slowly when the 
pundits are agreed that interest 
rates generally are coming 
down. 

The commitment fee may 
change, or be eliminated, if one 
lender ever feels that his market 
position is threatened. The 
essential point to , determine 
when fine-tuning comparative 
mortgage payments is whether 
the rate is fixed on a reducing 
balance, month by month, or on 
the sum outstanding at the 
beginning of each year. For 
the moment all • the clearers 
except National Westminster 
adopt the first method and the 
building societies, with one or 
two exceptions, the latter. ' 


gage an his house. But once 
the first child is expected life 
cover requirements extend to 
providing family income. 
Resources are likely to be 
stretched, so the amount avail- 
able for life cover is limited. 
Security is also necessary so 
that money is immediately 
available. This indicates term 
assimance and income benefit 
contracts. 

Financial dependency in- 
creases as the family grows in 
numbers and the children grow 
up. - But financial pressures 
tend to ease as the husband 
gets promotion and. more 
money. Attention can now be 
given to saving type contracts, 
though at this stage the risk 
should be kept to the mini- 
mum. 

But when the offspring 
cease to be a financial buTden 
life cover requirements can be 
reduced and most of the 
resources can be concentrated 
on savings. 

Now the individual can save 
for various luxuries — even con- 
sider a second home. But he 
also should start looking ahead 
to retirement 

The individual need for 
immediate cash is far - less 
urgent. • He can spread his 
investments over a wide range 
and if necessary put some of 
his' assets into higher risk/ 
reward ventures. The indivi- 
dual can roam over a wide 
range of investment opportuni- 
ties free from previous restric- 
tions. It is at this stage and 
to this type of investor that the 
alluring advertisements axe 
aimed. He needs to consider 
the tax implications of savings 
vehicles very carefully indeed. 

Pension planning is a com- 
plete subject in itself. Under 
the new state pension scheme 
most individuals can look for- 
ward' to a decent pension when 
they retire. For the large 
majority pension planning is 


done for them through the 
company scheme. 

The big gap in pension 
planning is among the self- 
employed. . But they are now 
able to get a wide range of 
expert advice and the only point 
that needs emphasising is that 
they should start their planning 
for retirement as early as 
possible. 

As retirement approaches and 
the individual starts to accumu- 
late assets he also needs to 
consider how to pass them on 
without benefiting the . taxman. 
This becomes even more 
important when retirement is 
reached. 

It represents another major 
turning point in a person’s life. 
His earning power no longer 
is based on his ability to work. 
His financial dependency relates 
solely to his or her spouse. The 
bouse mortgage is paid off. 

The requirements here are 
income to supplement the pen- 
sion and a disposal of assets. 
If the individual continues to 
build up capital the- main bene- 
ficiary will be the Government 

There are many ways of boost- 
ing income and again the 
the investor needs to look very 
closely at the after-tax position. 

But the bulk of the planning 
will be concentrated on schemes 
for passing assets to heirs with- 
out incurring a massive Capital 
Transfer Tax (CTT) liability. 
Fortunately this year's Budget 
has done much to .alleviate the 
problem of CTT by indexing 
the thresholds. 

One problem remains. What 
happens if the individual 
becomes incapable of looking 
after himself. The costs of 
private care are considerable. 
As yet no one has come up with 
a satisfactory solution. Yet 
sociologists regard the problem 
of the very elderly as the 
greatest facing future 
generations. 


rrmi 

■1 II EMI 



‘V’ ■ S©;ufe'pty ' e.ctive is 
^ t(> achieve' for clients 

a pp re ciation of30% ^rannnm 
of all fund 

period. So far ” 


Past achievement is no guarantee 
of future performance. But modem 
portfolio techniques linked with highly 
sophisticated computer programmes can 
interpret historic information and current 
market influences to great effect. 

The Dunn&Hargitt Group, 
recognised in North America as a leader 
in computer analysis, has spent over 
twenty-two years perfecting such systems 
and has with its Currency and Gold Fool 
achieved outstanding and sustained 
performance, since inception. 

The Winchester Life Currency 
and Gold Bond, which is invested in the 
Currency and Gold Fool, represents an 
opportunity for U.K. investors with a 
minimum of £2,000 to take advantage of 
Dunn & Hargjtfs proven investment 
manag ement skills. It offers an 
opportunity to achieve substantial gains in 
markets which are traditionally regarded 
as too volatile and risky for the private 
investor to enter alone. It must be pointed 
out that part or all of the invested capital 
could be lost. 

Consult your professional adviser or 
contact Winchester Life direct through 
the attached coupon to obtain the 
Winchester Life Currency and Gold 




Bond brochure. This will tell you more 
about the system, the results achieved to 
date as well as details of the life assurance 
cover, provided by the bond. 

Dunn & Har'd tt Inc. is registered 
with the Securities and Exchange 
Commission in the United States. 


To Peter Rousseau, Dept FT 174, 
Winchester Life Assurance Services Ltd 0 
39 St. James's Street, London SW1 A 1 JD. 
Tel: 01-499 7359. Telex: 25 S52 HOMSY 
Please send me The Winchester Life 
Currency and Gold Bond brochure. 

Name ~ — .... — — 

Address — _____ 



I RECTI ASSURANCE COMPANY LIMITED JL 

W ixKhc&i is Liic «* licenced to curry on litc assurance in 
Gibraltar under the Assurance Companies Ordinance. As 
such it is an assurance company which does not and is net 
authorised to transact insurance birsmcss in one port nf the 
United Kingdom. However. UK imvsion may purchase its 
policies I recn Winchester Life in Gibraltar. Th.: managers to 
the fund arc Drain & Hargiu Currency and Gold SA, a 
member of the Dunn & Hargin Group. 


& 


to 


ition-proof up to £5 
If of your savings. 







:5.O0l 






mmm 


8 ) 5 ! 


« 


j ^ i 




L 

Index-linked National 
Savings Certificates are 
linked to the Retail Prices 
Index, so their repayment 
value matches the rate of 
inflation. 

Thafis a big advantage 


This guarantees 
that your money stays 
ahead of inflation in 
the full term. 

Tax free 
All returns 
inducting the 4°/o 
bonus are free of UK 
income tax including 
investment income 
surcharge and capital 
gains tax. You don’t 
even have to declare 
them on your income 
7taxform. 

(They are also free 
* —Vof income tax in the 
Channel Islands and 
the Isle of Man.) 

Gettin g your money back 

You may cash your 
Certificates at any time. 
Repayments will usually be 
made within a few days. 

If you cash them within 


l 


over other savings schemes, the first year, you receive 


You can hold up to 
£5,000 worth, and 
provided you retain them 
forafullyearyoureceive 
all the benefits of index- 
linking. 

4% bonus 

Hold for 5. years and 
there is a 4% bonus on your 
original investment. 


only the purchase price. 

If you cash them after 
the first year you will receive 
the purchase price plus 
whatever index-linked 
returns have accrued from 
the date of purchase. 

AH the family 

Each member of 
the family including 


children, cannow holdup 
to £5,000 worth. 

Trustees 

Trustees and most non- 
profit making organisations 
may also invest in Index- 
linked National Savings 
Certificates. (Ask atyour post 
office for full details.) 

Easy to buy 

You can buy Index- 
linked National Savings 
Certificates in £10 units at 
the post office. 

The transaction is simple 
and quick. (If you already 
have a National Savings 
Certificate Holder’s Card, 
simply present it at the 
counter with your money) 
Guaranteed to beat 
inflation 

Index-linked National 
Savings Certificates, held for 
the full term, are guaranteed 
to beat inflation. Tax-free. 

Make Index-linked 
Certificates part of your 
investment portfolio. 

Ask for the full 
prospectus atyour post office. 












Financial Times Saturday April 17 1&82vC 


PERSONAL FINANCIAL PLANNING IV 


COUNTRY 


Sole effective guarantor against 



THE PARTNERSHIP THAT FAYS 


Thinking of 
working abroad 
but want to keep a 

home in the U.K.? 


Town & Country’S Expatriates Mortgage Scheme 
canhelpyou. 

Town & Country can give you a mortgage to buy 
your own home in the UK-and once you or wurfamily 
have occupied it you can let the property whileyou are 

charge any extra interest on the loan 




abroad or thinking of wonting abroad intheTuture,a 
Town & Country mortgage could be a good Investment. 
Forfull Information, get in touch today. 


TOWN & COUNTRY BUIUDl^SOCETY 

215 Strand, Freepost, London WC2R.1BR.Tel: 01-583 0981. 


Assets exceed £370 million. Over 200 brandies and agencies. 
M^iWnt.heBuadmg SocteUesAuoclaUon. Author tod for IrwaontntbyTrMMg. 


ONE DOMINANT theme in. 
personal financial planning is ( 
the need to maintarn the value i 
in real terms of the capital i 
being built up. The investments t 
have to be fully protected < 
a gainst the eroding effects of j 

■inflation. < 

There are several types of 1 
investment which are claimed 3 
■ will nratoh or even outperform 
inflation over the Jong term, 
especially investments that are j 
backed by real assets like . 
equities and property. But some i 
investors remember how such 
investments failed to make 
good those claims in the mid- 
1970s when Inflation soared 
past the 20 per cent level. Such 
investors want investments that 
guarantee to mach inflaion; ie, 
they require index-linked invest- 
ments. 

But only the Government 
cam. effectively guarantee index- 
linked investments, since it 
alone is in a position to under- 
take (he open-ended financial 
c omm itment that mdex-linkine 
entails. Only the Government 
can raise the necessary finance 
thT TMTg h taxation and in the 
final resort make use of the 
printing presses to print the 
necessary money. 

The introduction of index- 
linked investments in the UK 
wims late, however, and the 
development of contracts has 
been cautious. Until last year’s 
Bridget It was confined to Just 
two National Savings products 
vrtth very tow investment 
limits. 

The first product was the 
Index-Linked National Savings 
Certificates, still affectionately 
known as Granny Bonds 
because at the launch in June 
1975 they were only available 
to persons who had reached 
State pension age. The certific- 
ates are lump sum investments 
over a five-year period where 
the original capital is revalued 
each month in line with the 
retail price index. 

Thus £1.000 invested in Jane 
1975 has now reached £1,245.44 
in April 1982— an impressive 
13.9 per cent' annual growth 
that is completely tax-free. 


But although the present 
Government has progressively 
raised the investment limits and 
made the certificates available 
to everyone, the present limit 
of £5,000 per person means that 
index-linked National Savings 
certificates have only a small, 
though vital, role in portfolio 
planning. 

The second product, launched 
in July 1975. is the index-linked 
Save-As-You-Eam contract — a 
regular savings contract over a 
five-year period. This enables 
investors aged 16 or over to 
set aside regular amounts, with 


Index-linked 

investment 


SUC SHORT 


each payment being revalued 
in line with the RPI from the 
time it is paid. 

Again, the amounts that can 
be pat aside are small. 
Originally the limit was £20 per 
month per person but this has 
been raised to £50. 

At the end of the five-year 
period investors can leave the 
accumulated capital for 
another two years. With the 
seven-year period coining up in 
Jtdy the Department of 
National Savings has announced 
that the capital sum can be left 
until further notice, with its 
value increasing every three 
months in line with the RPL 

Thus these two products are 
for the small saver. An investor 
who took out an SAYE contract 
in July 1975 paying the then 
maximum savings of £20 a 
mouth can expect this to have 
grown to £2,100 by July 1982. 
The new maximum saving is 
£50 a month bat it is still a 
small savings product. 

But there -are other features 
of these two contracts. The y 
are both simply preserving 
capital values and the real rate 
of growth is virtually niL There 


are penalties for early cash-in. i 
The Granny Bonds pays a f 
bonus at the end of five years of * 

4 per cent of the ori ginal capital. 
The SAYE pays a bonus of two 
months’ payment after seven 
years. In both cases the return 
does very little more than ^ 
maintain the status otto. Again, ^ 
many Investors need contracts ( 
that provide income which can 1 
be guaranteed to keep its real . 
value against inflation. 

These National Savings con- ■ 
tracts bv themselves do very 

little to help the larger investor 

seeking to bnild no his port- 
folio or the self-employed 
endeavonrine to provide a pen- 
sion. Conditions chaneed for 
these investors when last year 
index-gilts were issued bv the 
Government and extended in 
this year’s Budget when such 
gilts were made available to all 
investors instead of just_ pen- 
sion funds as originally 

envisaged. 

These index-linked gilts 
revalue both the interest pay- 
ments and the nltLmale cajntal 
repayment in tins with DPI 
movements. Moreover, because 
the stocks are dealt on the Stoat 
Exchange the price paid by in- 
vestors varies with market con- 
ditions. Not onlv does he get a 
real rate of return on Ws invest- 
ment, depending on the- price 
paid for the stock: he can 
actively trade in the stocks. 

The net yields available on 
the shortest of the four stocks— 
Treasury 2 per cent 1988 — are 
shown on the accommnving 
table. Investors shonia note 
that if they nay too Web a price 
for the stock they could end up 
with a negative real rate of 
return. 

L The launch of these index- 
> linked stocks has added a 
further dimension to portfolio 
■ planning. Investors now have to 
1 compare the merits of index- 
linked gilts with fixed-interest 

5 gilts and also with equity-type 
j investments. 

r in each case the investor 
s primarily has to make a de- 
e cision on the likely trend of in- 


flation— and not over the next 
few months but over a period 
of years. This possibly involves 
a much closer study than hither- 
to of political considerations 
and Qie consequences for infla- 
tion. Be has to look behind the 
ritual lip service made by poli- 
ticians about controlling infla- 
tion and see whether the Gov- 
ernment is likely to take post- 1 
rive measures to try and con- 
trol it 

In comparing gilts the in- 
vestors can make a comparison 
of the fixed-interest yield with 
the expected inflation rate over 
the term of the contract. But for 
a complete comparison he 
should assess the ultimate capi- 
tal accumulation on the fixed- 
interest stock, assuming a cer- 
tain rate for reinvesting,, the 
interest payments, with the ulti- 
mate capital- sum on the index- 
gilts at various inflation rate as- 
sumptions. 

Some commentators seem to 
favour fixed-interest gilts 
simply because yeeflds at pre- 
sent are higher than the anti- 
cipated short-term inflation 
rates. An exercise like that de- 
scribed above will show that the 
scope for profit should the pre- 
dictions turn out correct is 
limited, while the scope for loss 
should inflation start climbing 
again is considerable. It would 
appear far too early to start 
gambling on inflation rates. 

The choice between index- 
gvlts and ecrorties or property 
is more difficult. The investor 


TREASURY 2 $ 1988 — NET REAL YIELDS 

(per cent) ~ - 

— — ' Tax rate per cent . T 7 - 


1.58 

• 1.10 

525" 


Source Bhckmaster and Moore 


selects index-linked gilts if he 
wants a guarantee to match in- 
flation as his investment pri- 
ority ahead of the prospects of 
real growth. The growth on 
index-gilts is solely the yield on 
the stocks at the time of pur; 
chase. 

The other decision for tbe 
investor is whether he buJ-s 
index-linked gilts direct or by 
means of a life assurance bond. 
Life companies have .been 
actively promoting index-linked 
gilt funds following this years 
Budget announcement But 
investors must remember that 
the charges made by the Ufe 
company eat into the overall 
yield. 

The self-employed saving for 
their pension have to use life 
company pension contracts in 
order to obtain the full tax 
concessions. Now they can 


invest in a fund that -ensures 
that their contributions wQl 
grow ahead of inflation. 

But when it comes to paying 
an index-linked pension life 
companies arc being cautions 
in the extreme. To date only 
Target Life is prepared to 
guarantee pensions that i ncrea se 
with the RPI, while : Vanbrugh ; 
Life will - allow pensions to he 
linked to its index-hoked gilt 
fund. •• . 

The problem with index- ' 
linked pensions is that they 
have to be paid fbr.- A man agefi- 
65 can buy a level pension from 
Target of £1,508 per annum for 
each £10,000 of cash accumu- 
lated while She index pension 
starts at £723. The choice be- 
tween a level and an mdex- 
linked pension again relates to 
future inflationary expectations, 
plus the health of the invest® ; 
at retirement 


Resolving the traumas 
of severance 













ft BO 


ivesyou 


9 . 757 ; 


8 7 The first bonus is 

\sTrw(®S& Ml extra interest on 
FLto your money. The 
'—EXtra Nationwide Triple 

Interest Bonus Account 
nays youl% above Share Accountrate-that makes 
ft 9 . 75 %, which is worth 13. 93% to basic rate income 
taxpayers. Interestis added half-yearly: you may 
■withdraw this, or you can leave itin the Account, 
where it goes on earning interest at the full Botus 
A ccount rate. The minimum investment is £1,000, 
and of course you can add to this any time you like. 


13337! 


a—- ^<i\\ Bonus No. 2 is that you can get at 
mnlttfS 1 your money immediately, should 
V ik»!^rrfSarihn YOU find y° u need it Up to £250 in 
immeaidie cash, at any branch: larger cash 
Access withdrawals by arrangement or 
any amount by cheque from your own branch. For 
immediate access, you lose 28 days interest, but 
only on the sum wididrawn. 




basic rate income tax pad 
■J gross to income taxpayers 


.1 

& + 

Pi 


' ^tlll 


* ■■ ■■ 


p - The thirdbonus is thatyou needn’t 

lose any interest at aD, if you can 
vErt ■ gveus just28 days’ notice.So if you 

NO LOSS areabletoplanjustafewweeks 
of Interest ahead, you can get the full amount 

of extra interest. 




= ; .S./ . \ * 

*Vv3 


AUthese new terms also apply 
toeastingBonus Accounts. 






■ : lr;Wh 







THE COOL detachment that - 
most people display towards 
their personal ' finances is often _ 
the first thing to fly oat the 1 
window when redundancy hits. 
The redundant executive’s ini- »] 
tial reaction is usually a mixture 
of fear, embarrassment and _ 
panic (hat the once-secure future 3 
has become jeopardised. _ 

Still, a Barge sum of money in j 
tiie foam of redundancy settle- 
ment, a string of ' Government - 
benefits and a set of options on ^ 
the employee’s pension should . 
go some way to ease this panic. < 
Sorting out the options requires 
the patience of a monk and a . 
careful re-examination of indivi- ; 
dual needs. Perhaps at no other . 
time in his or her life will an • 
executive . be faced with the . 
management of so much money, ■ 
so confidence remains a key 
factor. 

A company making large- 
scale redundancies will often 
make counselling available to 
the employees affected: This 
service can he very helpful and 
should he exploited to its 
fullest Don’t be afraid to . 
request counselling /rom the 
company if it is not offered; 
good will and standing in the 
community is important to 
nearly all companies. 

“There is really nothing in 
the system to help teach people 
about what to do when they are 
made redundant,** says Mr 
Bryan Harkness, a redundancy 
specialist with Investors Plan- 
ning Associates. “ Most are told 
they ore redundant and that’s 
it” 

Mr Harkness points out that 
while most individuals do take 
pains to invest their redundancy 
settlement carefully, many exe- 
cutives are unaware of the tax 
and rate rebates for which they 
usually qualify. He estimates 
that hundreds of unemployed 
executives are failing to make 
use of their tax allowances, 
which can 'be transferred to 
working wives. 

For example, a working wife’s 
income can be offset by both 
her tax allowance (for a married 
individual) and a single person’s 
tax allowance from her husband 
if he has been made redundant. 
This means a wife can earn up 
to £4,010 a year without incur- 
ring any taxes. The Government 
is not so generous for a working 
wife who has been made redun- 
dant; her tax allowance is not 
transferable to her husband. 
But as most executives in 
Britain are male, allowance 
in most cases can provide a wel- 
come breathing space while the 
husband looks for a suitable new 
job. 

Another important benefit 
often overlooked in the emo- 
tional times fo&owing the loss 
of a job is rate rebates. Unlike 
supplementary income, rate 
rebate eligibility is based on 
income and does sot take into 


SOME USEFUL PAMPHLETS 


There’s money off rent — 


Pamphlet Available from: 
number 

Local Rates Office or 

Citizens’ Advice Bureau 


How to pay less rates 


Catalogue of social 
security benefits 


NI 146 Social Security 


Unemployment benefits 


Social security benefit 
rates 


NI196 


Earnlngs-reiated benefit NI 15 5 A 


Your retirement pension NP32 


Retirement benefits 'for 
married women 


.NP52B 


Redundancy 


counselling service set up by 
Morgan Grehfeil, Wiflls Faber 
And PA Management Consult- 
ants, has counselled hundreds [ 
of redundant executives of j 
several companies throughout } 
Britain. Mr Richard Penyer, , 
who specialises In this field, 
says that in a typical case, tbe 
executive is usually. 50, with 
some seniority, and is likely to ., 
receive a £25,000 setQem^it 
with an £8,(»0 a year pension. - 
' Mr Penyer cdunsris suCh -an . ! 
individual to commute £2,00fca- ] 
year of his pension Into a lump \ 
gum, which could work out to , 
about £18,000. Mort companies , 
offer these conversion o ptions , 
which he says allows the execu - 
tive more flexibility in invest- 
ment As most pension: plans 
are not index-linked, he says it 

• is ‘ ."best to put the g reater 

• amount of capital, into;, invest- 
ments which generally' apprecr 

' ate in line with inflation. 

. With the conversion option. 
“• taken up, the individual in. this 
case has £48,000- to. invest as 
. opposed to £25,000.- Ea* 
investment plan must conform 
to the. individual's needs but in 
1 general MWP advises" that a 
1 small proportion he invested in 
short-term funds which can be 
■ easily liquidated; a larger 

• amount in middle-term secnn- 
r ties like gilts or gilt funds and 

the bulk of the money in ltmg- 
; term investments which have a 
[ good record of keeping up with 
t inflation. 

t ■ Counsellors disagree on the 
r best long-term investment and. 
J as there are literally thousands 

- of financial advisors Jh Britain, 

T it is best to ask advice from ** 

- least a few sources before 
i deciding on the best course. 

Even investing in building 
1 societies require some shopping 


CARLA RAPOPORT 


amount of tax rebate will be 
issued. But the later the claim 
is filed, the larger the first tax 
rebate" payment, -in most cases, 
will be. 

Most building societies will 
allow a borrower to defer repay- 
ment of the capital portion of a 
mortgage if .the borrower has 
been made redundant As long 
as interest payments are kept 
up, most societies will grant a 
breathing space to the borrower 
until another job is in sight 

For those considering' the 
purchase of a house but fear 
the prospect of redundancy, 
help has recently been offered 
by the National Association of ‘ 
Estate Agents. ■ Under a new 
scheme a purchaser can bur 
insurance to cover mortgage 
payments for two years follow- 
ing the date of purchase. The 
insurance costs £39 and can be 
renewed following the initial 
two-year period. The association 
has 1,000 member firms and tite 
deal is offered through its 
specialist insurance advisers, 
Brian Ragimbeaa Advisory 
Services. 

Once the immediate problems 
of day-to-day living are sorted 
out, the redundant executive 
must face the question of how 
to best invest the redundancy 
money and what option, to 
choose on pension - arrange- 
ments. The chokes are many 
but are best defined by consider- 
ing the employee’s age and 
fin ancial commitments. 

MWP, a personal financial 


CONTINUED ON NEXT PAGE 


-Vi 






ationwide 


account the amount of capital 
an individual Iras invested. 


FINANCIAL PLANNING? 


There are over 1,100 Nationwide 
branches and agency branches, and most 
are open on Saturday mornings, 
YouTlfindthe addressesin YellowPages. . 
Come in and see us soon. 



Nationwide 

Buikfing society 


“Even if you’ve got £30,000 
invested, that doesn’t exempt 
you from a rate rebate," says 
Mir Harkness. He advises redun- 
dant executives to check with 
their local office immediately 
on tins point, as most people 
are sm unaware of Its exist? 

ence. 

Tax rebates are better under- 
stood and most out-of-work 
executives know that a year of 
reduced income will mean that 
a portion of previously paid tax 
is refundable. Timing is impor- 
tant in tax rebates, however, 
and it may be best to leave yoor 
job earlier or hang on a hit 
longer, if posable, in order to 
maximise this benefit. . 

It is not crucial to apcly for 
a tax rebate immediately after 
lie first month's unemployment, 
however. For instance, if the 
employee has another job in the 
pipeline, any tax rebate can be 
ip fofcfy? up by the new 
employer’s pay-as-yo a -e am 

scheme. Applying later in the 
tax year is allowed, as the same 


Have you looked at 


FORESTRY? 


A versatile, tax-efficient 
investment which grows 
in real terms. 


Contact: 



ECONOMIC FORESTRY GROUP 




1 Church Entry, Ireland Yard 
London EC4V 5EU 


01*236 8682 


27 Rutland Square 
Edinburgh EH1 28W 


.031338 5435 




l ■ 

»► * •* •• 


$~r:: 

Pa 


6 V ' -- : 
Ss&V.V-' 




r* 

ilV: 


«*• 


e> Por. 




. . I 









•■financial Times Saturday April 17 1982 


13 



ias 







PERSONAL FINANCIAL PLANNING Y 



to unlimited liability 


LORDS AND LADIES, lawyers, 
judges, politicians, ' business- 
men, financiers, pop singers, 
television personalities, execu- 
tives of insurance brokers and 
insurance companies, sports- 
men and even the odd well- 
heeled journalist are all repre- 
sented at the City of London’s 
unique commercial club, 
Lloyd's and its insurance mar- 
ket. 

Total membership of Lloyd’s 
stands at 20,144. It includes 
2.751 overseas members. There 
are 3.800 women members. 
Overseas membership was intro- 
duced in 1969; women were first 
admitted in- 1970 as part of a 
drive by Lloyd's to strengthen 
and expand' its membership. 

Lloyd’s relies on the pledged 
capital of its essentially private 
membership lo allow the market 
to function. Around 80 per cent 
of Lloyd's members do hot work 
in the market and may be 
regarded as “armchair" under- 
writers. They play a role similar 
to that of shareholders in public 
companies. . 

But unlike shareholders in a 
public company their commit- 
ment is much greater. All mem- 
bers joining Lloyd's have to 
accept the principle .of un- 
limited liability. In return for 
pledging their wealth to Lloyd’s 
its members receive a share of 
the underwriting profits. But by 
the same token they have to 
meet their _share of any^ under- 
writing losses. JTh'e -principle of 
unlimited, liability means that 
all members of Lloyd’s are 
liable to the fnll extent of their 
wealth to meet their share of 
any underwriting losses. 

Although Lloyd’s has been 
rocked by a wave of scandals 
and other controversies in the 
last four years or so, there is 
little sign that the troubles have 
deterred new members .from 
coming forward. In fact, more 
members are* coming forward 
than Lloyd's needs. Too much 
capacity, in the form of new 
members, is chasing insurance 
business which is. not growing 
at the same rate. 

New members * usually have, 
to demonstrate that they have 
wealth of £100,000. If a poten- 
tial member is resident in the 
UK. however, he can be ad- 
mitted on a show of wealth of 
as little as £50.000. - : 


All members joining Lloyd's 
have to pass a. means test. 
Assets which currently, qualify 
for means test purposes are 
divided into two main groups. 

Assets which most consti- 
tute.net less. than 60 per- cent of 
the means test. . 

•- These are:- 

• Stock exchange quoted 
securities. 

• Cash at bank or building 
society. 

• Surrender value of life 
policies. 

• Absolute reversionary in- 
terest in trusts at market value 
calculated on an actuarial basis. 

• Bank guarantees or letters 
of credit on any of an appli- 
cant's assets. 

• Gold at 70 per cent of its. 
market value, subject to certain 
conditions. 

Assets which must not exceed 
40 per cent of the means test 

• Homes; other dhan the can- 
didate’s principal residence, are 
permitted at market valuation, 
less any outstanding mortgage 
or loan. 

• AH commercial property at 
its market value, less any out- 
standing mortgage or loan. 

• Farmland at its market value 
(excluding the value of the 
house if the house is the 
principal residence) less any 
outstanding mortgage or loan. 

• Leasehold property, subject 
to certain conditions. 

- - The advantages of becoming' 
a' Lloyd’s underwriter are as 
follows: 

• Income Membership of . 
Lloyd’s enables an individual 
to obtain three returns on his 
capital rather tf\an one: 

• (i) the normal investment . 
income and capital gains arising 
on any deposited investments 
are received by a member; 

(ii) membership of one or 
more syndicates, into which all 
-members of Lloyd’s are 
grouped, entitles the member 
to share in any profits resulting 
from the -excess of insurance 
'premiums received less claims, 
reinsurance and expenses; 

(iii) before the settleinent.of 
any resulting claims or payment 
of profit to members the syndi- 
cate will invest the premium 
income. This produces addi- 
tional investment income and 
capital gains which are shared 


among the members of the 
underwriting syndicate. 

• Capital appreciation. Moat 
members at Lloyd’s are high 
rate taxpayers (up lo 98 per 
cent for 197&-79and 75 per cent 
for -later years) and syndicates 
at Lloyd’s often have a policy 
for investment of the premium 
income which within' permitted 
(and regulated) limits produces 
a high level of capital appreci- 
ation rather than interest. The 
tax is thus limited to the maxi- 
mum 30 per cent applicable to 
capital gains. Much of the in- 
vestment may be in British 
government securities which? if 
held -for more than 12 months 
are free of capital gains tax. 

• Delay in paying tax on 
underwriting profits. Because 
Lloyd's using a three-year ac- 
counting method, not closing its 
books until the end of a three 
year accounting period', the 
books of a syndicate relating to 
a calendar year are not closed 
until two years after the end of 
that year. The tax on the pro- 
fits for the calendar year is pay- 
able as follows: 

(i) basic rate tax and capital 
gains tax are payable 12 months, 
after the date of closing the 
books, ie three years after the 
accounting date; and 

(ii) higher rates tax and In- 
vestment income surcharge are 
payable 18 months after the 
date of closing the books, ie 
three and a half years after the 
accounting date. 


Stake in Lloyd’s 


JOHN MOORE 



The under ipritivg room at Lloyd's 


Thus there is a two-year delay 
during which the syndicate is 
able to invest for the benefit of 
its members money which would 
otherwise be paid to the Inland 
Revenue. 

Lloyd's, as an on-shore tax 
haven, offers other advantages. 
A Special Reserve Fund allows a 
Lloyd’s - member to set aside 
part of his underwriting profits- 
each year free of higher, rates 
tax and investment income sur- 
charge. These reserves are used 
to cover any underwriting losses 
whit* may arise in the future. 
The use of the fund can have 
the effect of averaging out the 
marginal tax rates between 
good and bad years and defers 
tax liability on the profits trans- 
ferred. 

When a member of Lloyd’s 
dies the whole of his under- 
writing interests qualifies for 
Capital Transfer Tax business 
relief, providing he has been a 
member for more than two 
years. 

To become a member of 
Lloyd's an individual must be 
sponsored by an existing mem- 
ber who knows the applicant 
welL The sponsorship is made 
to the Lloyd's ruling committee 
through an underwriting agent 
who will look after the mem- 
ber’s -affairs. 

The initial application will be 
accompanied by the personal 
recommendation of the sponsor 
and wm confirm the candidate's 
ability to satisfy the means 
test. If the initial application 
is approved by the committee, a 
full application form must be 
completed and at the same time 
the candidate must produce a 
“certificate of means” signed 
by a practising accountant, 
solicitor or bank. 

It is vital that a new member 
joining Lloyd’s becomes con- 
nected with a good underwrit- 
ing agent who will be respon- 
sible for running his affairs. 

A good underwiting agent 
will have access to the under- 
writing syndicates which per- 


Traumas of severance 


CONTINUED FROM PREVIOUS PAGE 


■ around as building society rates financial institution. Insurance 
vary significantly. brokers, for example, are -keen 

It’s best to check if fees are to promote guaranteed income 
charged fbr financial advice or bonds as they reap a comnus- 
if the advisers are linked lo one sion on what they sell. 




Expatriates 

New international medicar 
expenses programme 

• no medical examination 

• premiums in £ or US$ 

• simple claims procedure 

• expatriates of any nationality 

Your contact: 

Vikki Williams 

01 -283 4622 ext 267 


Jardfne Cfanvill (ILK.) Ltd - 

PO Box 71 . BMuhjrt Hwm, St Boiolph St Ijmdw ECS 


Investing in a new business 
is, of course, an attractive 
option fbr a younger executive 
without heavy financial 
commitments. Businesses are 
springing up with the aid of 
redundancy money and recent 
small business incentives have 
been put in place to. encourage 
such endeavours. Most banks 
and financial institutions have 
small business sections lo give 
advice. 

Perhaps those most suitable 
for starting up on their own 
are the lucky few who have 
received a golden handshake. 
The latter, , usually defined as 
a redundancy settlement over 
£25,000, has raised the ire of 
politicians, however, and the 
tax liability on these bonuses 
has recently been increased. 

As of this month sums over 
£75,000 will be fully liable to 
tax: Hie . first £25,000 of any 
payment will remain exempt 
from tax and the next £25,000 
will incur a 50 per cent - tax 
reduction. Between £50,000 and 
£73,000, 25 per cent will be 
knocked off the regular tax 
liability, bur any excess over 
£75.000- . will be liable to the 
full weight of tax. - 

For most however, the 
challenge wiR. be to manage 
significantly smaller sums in a 
way that will ease the trauma 
oC redundancy. 


form consistently well in the 
market. No underwriting agent 

' can offer complete portfolio 
service in terms of being ahle 
.to offer his underwriting mem- 
bers a total range of the best 
perforating syndicates. No 
agent deals with all the syndi- 
cates within the Lloyd's market 
. A prospective member should 
attempt to shop around the 
underwriting agents — although 
naturally the agents do 'not 
encourage that practice. At the 
end of the day it largely 
depends on word of mouth, 
contacts, gossip and chance 
encounters with other Lloyd's 
members at social engagements 
to gain an impression of where 
the moist successfully connected 
agents and their syndicates can 
be found. 

Once inside Lloyd's the 
amount of business which can 
be accepted on underwriting 
members’ behalf by an active 
working underwriter on the 
syndicate will be carefully 
related to a formula. For 
instance, somebody showing 
£100,000 in wealth will be 
allowed to have accepted on his 
behalf £200,000 of premium, 
which would represent twice the 
means -that he has shown. 

The underwriting member 
with a £200,000 premium limit 
is able to apply his underwriting 
capacity across a range of 
syndicates. His underwriting 
agent may decide that he should 
underwrite up to £50,000 ol busi- 
ness on a marine syndicate, up 
to £50,000 on an aviation syndi- 
cate, up to £20,000 on a non-, 
marine syndicate, £40,000 on 
another non-marine syndicate, 
another up to £20,000 on a 
motor syndicate and up to 
£20,000 on another motor 
syndicate. The aggregate 
of his premium allocation in 
this case totals the entirety of 


LLOYD’S MEMBERSHIP REQUIREMENTS 1983 K 

Applicable .to new members elected to commence under- 
writing with effect from January 1 1983 and to existing members 
who change their underwriting arrangements after January 1, 
1982. 

Category 

Means test 
<£) 

Deposit as 
%of 
premium 
income 

Minimum 
deposit 
(£) . 

Working underwriters 
& brokers at Lloyds 

Nominal* 

35 

8.750 

Connected Si associated 
working members of 
the Lloyd’s market 

25,000/ 37,500+ 

30 

7,500 

UK. EEC & Common- 
wealth citizens resi- 
dent and domiciled 
in the UK 

50,000 /22 5,000f 

25 

12,500 

UK, EEC & Common- 
wealth citizens resi- 
dent or domiciled 
outside the UK 

100, 000/225,00 Of 

30 

22,560 

Other foreign nationals 
wherever resident 

135,000/300,000$ 

35 

26^50 

* Premium limit not to exceed £50,000. 

t Premium limit not to exceed twice means shown. 

* Premium limit not to exceed 1.5 times means shown. 


his premium income limit at 
Lloyd's. 

Members of Lloyd's do not 
usually underwrite to the full 
extent of their premium limits. 

Members are also required to 
lodge deposits with Lloyd's and 
lhis represents part of the 
security underlying the Lloyd’s 
insurance policy. The deposit 


also determines how much busi- 
ness may be transacted on a 
member's behalf. Residents in 
the UK will have to pay 25 per 
rent of premium income as a 
deposit, which is used solely to 
meet underwriting liabilities. 
But they can expect to receive, 
the income from the funds 
deposited. 


CHECK YOUR 
TAX EFFICIENCY 


Is the taxman helping you increase your 
wealth? M&G Life offer a range of tax-efficient 
contracts which make the most of his generosity 
and combine it with the well-known M&G invest- 
ment service. Check the list below to see which 
one meets yourneeds and tick the appropriate box. 

M&G VARIABLE INVESTMENT 

PLAN can be used to bufld up a capital sum or tax- p- 1 

income for the fix>m £600 or more a year. I I 

M&G FLEXIBLE PENSION PLAN 

The tax relief available on this Plan makes it the first 1 1 

' choice for the self-employed or anyone who has no I — 1 
pension arrangement. 

M&G EXECUTIVE PENSION 

RANGE Plans for directors and executives. 


Top-up plans for people not adequately covered 
under an existing company pension scheme. ' 

Plans for small companies. 

M&G FLEXIBLE INVESTMENT 

BONDS provides tax-effidentlump sum 
inv estment with full switdung facilities between the 
fifteen available Funds. 


□ 

□ 

□ 

□ 


To: M&G Life, Three Quays, Tower Hill, 
London EC3R 6BQ. Tel: 01-626 4588. 


02|_ Mi/Mrs/Miss INITIALS 


1 01 1 LN || 


SURNAME 
04| ADDRESS' 


n 09 U POSTCODE 


muM 


CL 531612 


This offn » tut armtabk to itstdtnb rftkr Kipubticpf lirknd. 



M&G Life 



PORWWSTO 



Provincial understands. 


If you like the idea of extra 
money-perbaps as a 
su pplement to your pension 
-Provincial's new Monthly 
Income Shares are the ideal 
investment. 

The interest you earn everv 
month provides you with useful axtra 
cash.Yetyour investment remains 
untouched andis available ifyou need it 

Lets put facts into figures. 

Higher Income 

You receive a guaranteed 2°/o 
more than the variable ordinary share 
rate if you leave your investment for a 
full 3 3 ~ 7 ears. Yetvou can withdraw 
vour money anytime by giving just 
2 months’ notice. ■: 

You'll lose interest for those 
2 months but only on the amount 
wifodravvn. 

Fnr reraimpTf; ifvnn irnrpsf 
£3.000 over 3 years you could 
receive £26.88 everv month- 
And at the end of 3 years you get 
vour £3.000 back. 

•/ — ... n — 1 

Easier Access 

Ifyou want your money to be 
readily available you can invest on one. 


month's notice of withdrawal and still 
receive regular income at a rate that s 
always higher than the variable 
ordinary share rate - currently a full 
1% higher. Tire droice is vours. 

, TnenriniiTiuminvestnrentis£.X000. 
The maximum for a single person is 
£20,000, for a joint account, £40,000. 

Provindal understand that vour 
pension might not fulfil all yourneeds 
wheriyouretire. Monthly income 
Shares can add the touch ofluxury to 
yourlife. 

Gut out Are coupon and senditto: 
John Lawson Provincial Building Society 
EREEPOSTBradfoiriW \brks BD1 1BEL 




; *~TeU me how I could receive £26.8 S every 
I month on a 3 year investment 

Mr/Mrs/Miss • 


I 

J Address 

I * . 


j . Postcode 


^-17/4 Mis 


BLOCK CAPITALS PLEASEi 



L BU!L01ff\IG BOOETYj 


-.•.J 










** ►ftf/in 


PERSONAL FINANCIAL PLANNING VI 


Financial Times Saturday April -IT; 19S2 



Family sacrifices to meet an 
expensive preference 



MANY PARENTS still wish to 
have their children educated in 
.p the private sector. The rea- 
sons are many and varied, but 
^ for most families, there is a pri- 
'( mary need to consider the fin- 
l\ andai aspects very carefully, 
ti Private education is very expen- 
h sivc and likely to remain so. 
f. Parents will find that they need 
to make [till use of dU (heir fin- 
ancial resources, both capital 
and income, and meeting Che 
fees will occupy a major plan- 
ning role in their overall finan- 
g dal strategy. 

c Some idea of the costs in- 
i volvcd can be seen, from the 
t annual survey of schools fees 
‘ made by the Independent 
1 Schools Information Service 
: (ISIS). Its latest survey is 
i due next week and is awaited 
; with interest. It could well 
show that fees are still rising 
faster than the rate of inflation. 

Boarding fees at major boys' 
schools could average around 
£1.100 a term and day boy fees 
around £651) a term. The varia- 
tions either side of these aver- 
ages are considerable. Fees at 
leading girls' schools arc some- 
what lower — averaging £950 
a term for boarders and £510 
a term for day pupils. 

For many families there is 
little option but to meet fees 
out of current income. The 
periodic surveys made by two 
leading schools fee specialists — 
C. Howard and Partners and 
School Fees Insurance Agency 
— both show the extent of 
sacrifices made by rarailies in 
order to meet the rising school 
fee bills. 

Family income is boosted in 
a number of ways. The latest 
C. Howard survey showed that 
• in one family out of five the 
wife went out to work solely 
to meet as much of the hill as 




possible. In many cases the 
husband did a second job and 
the family took in lodgers. 
Family expenditure was cur- 
tailed by cutting out holidays, 
limiting entertainment, using a 
smaller car and so on. 

The details shown in these 
surveys highlight the need for 
parents to try and save ahead 
to meet the fees coming same 
time in the future. The earlier 
the start the more that can be 
set aside and the ultimate 
financial burden made easier 
when the child docs start school. 
Ideally one could start when 
the child is bom. assuming the 
decision on • private education 
has already been made. 

Since fees rise with inflation 
the investor needs to save in 
contracts that also keep pace 
with inflation. For many years 
equity and property investment 
were supposed to do that since 
investment was in real assets. 
Now the Government has helped 
the parent by making available 
a variety of savings contracts 
that offer returns linked to (he 
Retail Price Index. 

Besides Index-Linked Na- 
tional Savings Certificates, still 
affectionately known as Granny 
Bonds, and index-linked SAYE 
contracts, investors can now 
invest in index-linked gills, 
either direct or through a life 
fund investing in the stocks. 

If parents start saving at 
least 10 years before fees are 
due then they can use regular 
saving life assurance contracts. 
These entitle them to the tax 
credit available on the pre- 
miums paid — at present 17.6 per 
cent of premiums paid — up to 
the limits of £1,500 .a year or 
ono-sixth of annual income 
whichever is the greater. This 
is the only means by which a 
parent can get financial help 
from the Government in meet- 


ing the school fee. bill. In addi- 
tion the ultimate payout on the 
contract is free of taxes. 

There are a variety "of methods 
that life contracts can be com- 
bined so that money is avail- 
able when the fees are due. 

Unit-linked contracts provide 
the investor with complete 
flexibility on cash-in and by 
investing in the index-gilt funds 
he has the guarantee that his 
savings will rise in line with 
inflation. If the parent links 
to some other type of funds, 
such as equity or property, then 
there is the danger that the 
unit price may be depressed at 
the time of cash-in to meet the 
fees. In such cases switching 
into cash must be considered. 


School £ees 

ERIC SHORT 


If a parent prefers to use 
traditional with-profits life 
contraris i>cn he can nvercome 
the relative inflexibility by 
taking nut a series of policies 
.in echelon, with each maturing 
in succession as each annual fee 
bill becomes due. 

But more important than the 
type of contract used is the 
actual amount that parents can 
afford lo put aside each year. In 
almost all cases they can only 
afford a comparatively small 
amount at the outset but can 
increase, the payments because 
of inflation and promotion 
increases. There arc several 
methods of designing plans to 
allow for this low start, includ- 
ing taking out convertible term 
assurances. 

In addition original, plans 
need to be periodically reviewed 


and topped-up as the financial 
circumstances of the family 
improve. 

Parents need expen advice 
from companies specialising, in 
the school fee. planning area. 
The role of the specialist is 
growing and there are a number 
operating in this field. The hall- 
mark of a specialist is the -plan 
designed taking into account (he 
full family circumstances. 

It needs to be emphasised 
that it is very unlikely that 
parents will be able to meet the 
full cost of school fees solely 
by savings in advance. But they 
should regard the savings as 
meeting a substantial part and 
easing the ultimate burden on 
income. 

Parents also need to consider 
using any capital resources 
available. There are several 
schemes from the specialists 
which enable the parent to 
invest in a tax-efficient manner 
any cash sums to hand. But now 
parents should give more con- 
sideration to investing In index- 
linked gilts. A separate article 
in this survey discusses fully the 
implications of indexed Invest- 
ments. 

Expatriates are more likely 
to want their children educated 
back in the UK and are usually 
in a better financial position to 
save substantial ‘sums towards 
the fee bills. They have the 
option of using offshore funds 
as savings vehicles, with their 
attendant tax advantages. 
Surprisingly, little use « made 
of offshore funds and savings 
contracts by the UK school fee 
specialists. 

The family’s most valuable 
capital asset is its house. 
C. Howard has launched 
a scheme under which the 
parent can take a second 
mortgage on his house, 
thus unlocking the capital value. 


■v - -X -V $ 

.4 

■ wm j. 

• f . 3 ' i-4 5 % •" • \ 

• : ' v " ' F ' ' £ -3 *• » i 





r 4 — 

"• . T*> _ _ • l t ' * »i m l ‘ ft — rtt*r • 

? M 


v .ijf 

HP J Ifl 


Westminster Scftoof, London, where the pupil intake ruitoadays includes girls at 6th Form, level 



But this scheme needs to be 
used carefully after due con- 
sideration because of the high 
interest rates charged — with no 
tax relief. 

In the days when lax relief 
was available on all loan 
interest the most common 
method of pajing fees was to 
borrow the fees as they became 
due and repay the loans well 
after the child had finished 
education — schemes known as 
educat e-now-pay-la ter. These 
schemes are reappearing for the 
self-employed and executives 
under loan facilities on personal 
pension and executive pension 
contracts. 

There are several versions of 
loanback. The most common 
from the clearing banks is to 
lend a multiple of the annual 
premium on the pension policy 
■—say 15 or even 2i limes the 
premium- The borrower need 
only pay the interest and the 
loan is repaid from the cash 
sum available at retirement. 
The tax relief comes not on the 
loan interest but on the 
premiums at the investor's top 
rale. 

In many families financial 
help towards payment of fees 
is made by grandparents or 









,V •'•A,. • 

v> 'i. *-;.•.>? f-:- ■■ >X-~ ■ 

. jv- 1 ’i*" J-' - 



:v.' 




Ik. 

m- ' 

:r 





The new Halifax Money Plan 
takes you straight to 
high interest and easy access 


Arc you lost in the maze of savings . 
schemes? Tired of trying to sort out dozens 
of offers? h lost people are. 

Tltat is why we have designed our com- 
plete new Money Plan. It simplifies saving. 

Eight million people already save with 
the Halif ax. So we believe wc know what 
savers want. 

Tlirce Halifax schemes take care of 
everything. 

The Halifax Paid-Up Share Account 


FOR YOUR EVERYDAY MONEY 


Start 

with as little 
as Si 

Putniijttflrtiii IdfceUcuS 
vmeneve you liw. 


FOR YOUR MID-TERM MONEY I I FOR YOUR LONGER-TERM MONEY 


Immediate 
access to your 
moneys 

iv»)i Jpisp) J 8 dm' ufitxfslon armisi 
wifrdiAvn Ora one matfi'-. notice vrtti no loss of 
irtceSL Mnrwm nwstm«nt :£500 


2% extra 
guaranteed 
for5years. 

■tarsi lo ytw mooeji a 3 mcnUa' Mite 
tou a) Btcrcsl tor Riti period only on m>> vnsunt 
wHthdrawi. Miranun iwatmori^ ££00 




put more in or take money out whenever 
you like. Think of it as a current account 
that actually pav-s wu excellent interest 
. If you have a lump sum to invest, are 
looking for even higher interest; and yet 
may want vour money immediately- then, 
choose the Xtra Interest Account. Its the 
simplest way to save for a car, for a luxury 
holiday, for a house extension, for a new 
interest, a new opportunity Mid-term sav- 
ing for a better life-style. 

For your longer-term, planned money 
we offer a very special deal The Special 


EQUAL TO’ 

lO/* 

T> 

r GROSS 



J EQUALTO 

13-93 


Q/* 

0 

GROSS 



GROSS ; 


J ’For tBML-aielaipJvftT I | • *?<Hbaskraiet»w>g>- I I *ftr tme rate U.wyat I 

fOK FURTHER DEEULS WRITE TO THE H-\UKV\ RL'JLDLNG SOCJET); REK C5 M. PO MS to. TRINTH' RI\ H.UJF.AX HXl 2 BG. 

Yet you can still get your money out at ■ Whatever yon need, the Halifax can 

only three months’ notice. provide it;Handsomely 

- \bu h find it difficult to equal those Call in at your high street Halifax 

terms anywhere. today - and cut through the money maze. 

' If you're retired, or planning for retire- We haven’t become the world’s biggest 
ment, you’ll be pleased to know that both building society by chance, 
the Xtra Interest Account and the Special 

Investment Account will pav your interest (Jg | alftfleMralKto’With flie future* . 
montlily on all balances of £1,000 or more. * ■ ^ 

■ Jnshort; }-ou no Joiner need to move &J| 1 1 Ej&j£ 

your money around the maze, searching for - ■ * * r '’**y\ 

a better deal. - The wems D^est building sodety 


other members of the family. If 
such payments are made oat af 
income, then by doing it under 
covenant to the child income 
tax can be reclaimed. If pay- 
ments are made out of capital, 
then full use needs to be made 
nf the exemptions tp minimise 
the Capital Transfer Tax 
liability. 

Finally, the schools them- 
selves can often help oat 
through scholarships and 
grants. Many of them have 
been stepping up their fund- 
raising activities to provide the 
resources for such grants as 
well as for the time-honoured 
method of raising funds for 
capital or refurbishing projects. 

Details of this and general 
methods of planning for fees, 
including a list of advisers can 
be obtained from two leaflets 
issued by ISrS. These can be 
nbtained from Mrs P. D. Jones, 
Independent Schools Informa- 
tion Service. 26 Caxton Street. 
London SW1H 0RG. 


SINGAPORE 

I JAPAN 


Percentage Kate 

of Return - 1981 


CANADA 

SWITZERLAND 

I I UK WEST • • 

J I I GERMANY 

I I K3 |/ NETHERLANDS - 
I I HONGKONG - 


20V- 


STERLING 
LOCAL CURRENCY 


AUSTRALIA 


-fRANS 


Foreign securities still 


IT IS two and a half years since 
the demise of UK exchange con- 
trols and meanwhile the initial 
sprint for exposure to overseas 
markets has slowed to a steady 
trot. But among both private 
and institutional investors there 
has not yet been much sign of 
disenchantment* with overseas 
securities markets. 

On the face of it this may 
seem surprising. In local cur- 
rency terms the UK was an 
excentionaliy good home for 
funds last year. Of the major 
canity markets, for example, 
only .Tanan's outpaced the rise 
In UK share values. Elsewhere 
the potential for loss was often 
alarming. Thp natural resource 
markets. Australia in partini- 
]?r. went sharply off the'-boiL 
the Paris Bourse was thrown 
into revers*** following the elec- 
tion victory of President Ijfit- . 
terra nd. Hong Kong failed'' to 
maintain the momentum of 
the late 1970s and 'even 
the U.S. was unable to 
rapitalise on the pro-business 
leanings of President Reagan. 

The pattern has been little 
different ro far this vear. The 
main resource markets have 
remained in free fall and 
investors have suffered' some 
nainful knocks even in Tokyo. 
The FT 30-share Index has. 
meanwhile. ' added roughly 10 
per cent since Christmas. 

In sterling terras, however, 
thp picture -looked a good deal 
different and highlighted the 
very great importance of cur- 
rency movements in overall 
returns. Sterling drooped 9 per 
rent in its trad e-wei *rhtcd index 
last year and has fallen furthir. 
at Ipast aaainst the dollar, so 
far this year. 

Fc™' most private investors the 
simplest wav of gaining an ex- 
posure to overseas equitv 
markets is through the unit 
trust movement. The fashion 
for foreign investment has 
spawned a welter of trusts 
specialising either in particu- 
lar- markets or in specific sec- 
tors. such as natural resources 
or technology. 

So far this year UK trusts 
have generally been ahead of 
the pack hut on a longer view 
the foreign vehicles have often 
proved a better bet The 
advantage of the- unit trust is 


its comparatively low manage- 
ment, cost, a result of its ability 
to deal In bulk, together with 
the simplicity of transactions. 
The names and addresses of all 
the management groups— 
together -with the funds on offer 
and their prices— are published 
in the Financial Times. Units 
can be purchased directly from 
the managers or through an 
agent. 

Investment trusts, thd closed- 
end funds, are currently less in 
favour. Not onjy do they 
traditionally trade at substantial 
—and widening — discount to 
their net asset value; they often 


International 

investment 

• JOHN MAK1N50N 


. lack the spedahst appeal of 
their unitised . counterparts. 
Increasingly, investment trusts 
operating in foreign markets 
are 'bring converted into unit 
trusts. 

The alternative to investment 
through a managed vehicle is 
direct participation in the 
market Overseas this can often 
prove a time-consuming and 
eostly exercise. Besides -the 
frequent problem of paying 
double commissions (to a 
London and to a local - broker), 
tax on income is sometimes at 
source and can -be -recouped only . 
through the labourious process 
of double taxation agreements. 

In one case, West Germany, 
tax. credits on dividends are 
paid only to resident investors. 
A unit trust can often avoid the 
settlement delays common in 
some markets such as. Singapore 
and can also, negotiate foreigrf 
exchange transactions ! more 
efficiently. ' ' : 

Mr Michael' Beaumont, a 
partner of London stock-brokers 
Grievesou Grant, says he 
generally encourages clients to 
invest through unit trusts rather 
than directly. . In volatile 
markets, however, where a 
rapid price movement can make 
the handling cbst$ of direct 
purchase less significant, 
individual equities are recom- 


mended. Hong -Kong ! is an • 
obvious example..- 
Equally, some market? have - 
not yet . been . thoroughly 
researched hy unit or invest*] 
meat trusts. Grievesou Grant, ! 
far example, has actively 
.recommended purchases in. the ! 
Scandinavian markets. ..... 

. But in general direct Invest- . 
matt will . generally be of most i 
interest to an individual with . 
£100.000 o<r more -to spend. In ■ 
such cases. British merchant 
hanks and Swiss -banks will be 
glad tb' help.. . 

. These banks generally run 
their own fo-house trusts 
. (access to which is open to all) 
and will also manage funds, on ; 
a discretionary or advisory! 
basis, for a set commission fee. j 
Mr ©avid Jack,- a senior vic#- 
presddent of ' Swiss bankers 
Juh'its Baer. says, that the level 
of foreign investment by private 
UK investors is holding up we& 1 
He ascribes. this an part to the 
growing concern that exchange 
controls win be reintroduced,' 
in some form, after the nest 
election. , . 

. /For a typical sterling-based 
client Julius Baer' is currently 
recommending the following. 
asset mix: 40 par cent in bonds; 
10 per cent In convertible 
bonds; 35 per cent hr equities; 

15 -per cent in cash and short- 
term investments. The currency 
mix would be weighted, towards 
sterling <35 per cent), followed, 
by U.S. dollars (25 per cent), 
Swiss francs (15 per 'cent). 
D-marks (15 per- cent) and 
Japanese yen (10 per cent). • 
This kind of mix is not often 
grasped by private.UK investors. 
Despite the absence of exchange 
controls there remains a. 
traditional loyalty to the UK. ' 
Moreover,, (he. capital gains tax, 
which is crystalled by 'switdi- ' 
iftg, into a ' foreign; -market 
remains a powerful deterrent 

In some markets, such as that in : 

Eurodollar bonds, ‘ -the' cost hf 

dealing ip em&H: amounts and 
the narrow liquidity - are 
inhibitions'- in themselves^ 

But the UK private Investor 
is by any standard^ an - 
snternationrily-minded indi- 
vidual. It is no coincidence that 
over 60 foreign companies have 
obtained a listing on the London 
stock market since exchange 
controls were abandoned. 


IHABKNESSMSC; 


;£ 2 - 95 l 


gh "guides oncthrough thefitumdolmuze .. ; ' 

jpj^. in simple longuageondwithout tortuous 

detail" sk monty pinniston fus 

This comprehensive book is published by. 
Investors Planning Associates Limited, 


EBA. services cover savings, investments; tax panning, 

pensions, mortgages, life assurance and school fees - — h4ia| . -. 

and our advice is expert and impartial. v 

IOTESTOS^PLAN^rN^5SOaSsi^7/SCOraaiT STItETC LOKDOtnTmsmm^HOitE 01-499 















I 


' ^Fm^ncial Times Saturday April 17 1982 

PROPERTY : ' 






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Getting together 


BY JUNE FIELD 

OVER A-LOG FIRE we toasted/ 
bread, then spread it wftlt cliw 
oil from the first pressing, a 
fitting- accompaniment to our 
host's coveted 1966 Vegas Sicilia 
wine. 

This was on the little island 
of Ibiza in the Spanish Balearic^, 
in the 420-acre golf course estate 
of Roca Llisa.- where just getting 
under wtfy is Royale Roca 
Llisa, a completely separate com- 
plex of some one and two bed-' 
romn apartments selling be- 
tween £20,000 and £35,000. 




f At Anita's Bar on&_ 
can buy anything 
from a bottle of. 
the local liqueur to 
a pair of pyjamas 
as well as 
collect your post? 


At present, the show-apart- 
ment on its own, which I saw 
last month, looks nothing more 
than a square white box. But 
the visual appeal will come as 
more units are constructed and 
linked in a pleasingly : land- 
scaped cluster with a restaurant 
which will organise buffet, meals 
around a central. swimming. pool. 
You can take your pick from 27- 
floor plans— some units have an 


Left For aJ united period, Leisurinvest are' offering a 
free Seat Panda car with their two or. three bedroom 
villa-style apartments at Sob remar on a wooded hilt- 
side overlooking Puerto de Andraibc, Majorca. Prices 
are- from about £50,000 to £65,000. Details Hugh de 


• v awy ?: ,vv:?: 

I IS . - 


Meyer, Montpelier international Properties, 17 Mont- 
pelier Street, London, SW7 (01-589 3400), who are 
at the International Property Exhibition at the Cumber- 
, land Hotel, London, Wl, on Thursday, Friday and 
Saturday, Right. Roco Llisa, 420-acre golf course 


estate overlooking the water on Ibiza,- where a new 
development, Royale Roca ’llisa, 'of apartme n ts from 
around £20,000 to £35,000, is being built Details 
Geoffrey Pilgrem, Vorence, 53-55 North Street, 
Horsham, Sussex (0403 66756). 


extra shower room- and barbecue 
on the terrace, afl have Kitchens 
fitted with cooker, grill and re- 
frigerator. • 

Royale Roca Llisa was founded 
through a wholly foreign-own ed 
Spanish company " which " was 
fanned for the developer (a. Bri- 
tish businessman who prefers to 
■keep a low profile) by 
Fonmnver, a company. - jointly 
owned by the Banco Bilbao and 
a Swiss bank. The builders are - 
Dragados. a large Spanish public 
company, and marketing -is by a 
Sussex firm, Vorence. whose 
directors are architect Mr John 
Fortune, golf promoter Mr Keith' 
Madde. engineer Mr Chris Ter-, 
ritt and overseas . development 
consultant Mr Geoffrey -Pilgrem. 
who -is also . secretary, of the 
Federation o'f Overseas Property 
.Developers. Agents and. Consult- 
ants. From Vorence’5 offices. 


53-55 North Street, Horsham, 
Sussex (0403 66757), Mr Pilgrem 
will' send a Royale brochure con- 
- talni n g floor plans, together with 
a useful leaflet Legal Proce- 
dures fn Spain. 

Inspection visits include a 
stay at the Royal Plaza in IbCca 
Town with its fascinating area, 
Dalt Vila, high town, where nar- 
row cobbled streets rise steeply 
to the cathedra i. Then there is 
a drive to the village of San 
Carlos, where in Anita's Bar, a 
combination of general store, 
i cafe and meeting place, one can 
buy everything from a bottle 
of the local liqueur hierbas, to a 
pair of pyjamas, as well as col- 
lect your post. The actor Terry 
Thomas lives nearby in a 33- 
room house among the pines on 
over lm square metres- It is 
for sale for 60in pesetas 
(£308,000). Also on offer for 


16m pesetas (£81,000) is actor 
Denham Elliot’s house and swim- 
ming pool in Santa Eulalia. 
(Details of those two houses plus 
a hotel brochure from Sr. Jose 
Colmar, presidente . Royal Plaza, 
Pedro Frances, 27, Ibiza.) 

The Balearics have long been 
'popular with British buyers, and 
one developer on Majorca, 
largest of the five islands, is 
offering a free Seat Panda car 
with some property at Puerto de 
Andraitx overlooking the bay. 
“It is not that we are short of 
cash-flow, although it is always 
useful.” insist Mr David Cohen 
of Lei sure in vest a Swiss-based 
company building in various 
parts of the island. “ But- as 
people told ns they would need 
a ear, we thought we would pro- 
vide one as an incentive for a 
limited period.” 

The smart, well-designed 


Sobremar apartments, more 
like villas as they are on two 
floors, are being built into the 
southern slopes of a quiet 
wooded hillside overlooking the 
pretty harbour, favourite holi- 
day haunt 1 of the King and 
Queen of Spain. Prices fOT the 
two and , three bedroom accom- 
modation. which includes a well- 
fitted kitchen, fireplace and 
barbecue, are from about 
£50,000 to £65.000. 

Leisurinvest also have two 
attractive apartment complexes 
right on the beach — Xaloc 
(south wind), at Santa Ponsa, 
15 miles from Palma (from 
about £33,000); and Gran So). 
Cala Bona, on Majorca's sandy 
east coast, right near the 18- 
hcJe golf course, good value 
from about £25,000. In all 
cases of course, the sterling 
prices will -depend on the cur- 


rent rate of exchange, not so 
good with a falling £1- 
Money for stage payments on 
units still being built can be 
held in escrow by a bank, and 
finance of 50 to 60 per cent over 
10 years can be arranged, with 
repayment in sterling. There are 
some particularly stylish show- 
units to view now in all the 
developments. Details from the 
main agent Count Hngh de 
Meyer, Montpelier International 
Properties. 17. Montpelier 
Street, London, SW7, or Mr 
David Cohen. Leisurinvest. PO 
Box No 317, London, NW8. who 
is organising weekend inspec- 
tion trips for £120 to include, 
flight, hotel accommodation and 
food. Montpelier Is also at the 
International Property Exhibi- 
tion on Thursday, Friday and 
Saturday at the Cumberland 
Hotel. London. Wl. 


EVEN THOUGH the property 
outlook has been gradually get- 
ting brighter, more estate 
agents are getting together, 
with large firms taking in some 
of tiie smaller ones. For 
instance. Mayfair agents John 
D. Wood recently acquired a 
major interest in the New 
Forest firm of Jackman and 
Masters. This brings the Lyming- 
ton office of the latter, estab- 
lished in 1886, with the one in 
Milford-on-Sea, under the John 
D. Wood banner. 

Mr V. A. E. Wood, senior 
partner of John D. Wood, whose 
main offices are in Berkeley 
Square, London Wl, is super- 
vising the ebange-over, with Mr 
Michael Henry, an associate 
who has been running the 
J. D. W. Southampton office, 
going to work with the Jackman 
and Masters' partners Mr Wil- 
liam Scovell, Mr David Enticott 
and Mr Robert Lock. Mr Henry 
says: “As we have arranged 
sales on a number of substan- 
tial properties in the New 
Forest and westwards into 
Dorset, it was obviously desir- 
able to establish a base within 
the Forest itself." 

Certainly the market in this 
desirable part of Hampshire 
would appear to be reasonably 
progressive: “ Despite difficul- 
ties for everybody involved in 
the housing industry we, in the 
south, appear to have suffered 
least” says Mr Jeremy Stanley- 
Smith. partner in Fox and Sons, 
with 60 offices in the south and 
west of England. “Lymington 
in particular, always a popular 
retirement and second-home 
location, received a constant 
stream of applicants throughout 
the year. But due to bursting 
registers, the number of sales 
relative to residential property 
available on the market at any 
one time, has appeared small.” 


Introducing the firm's latest 
property report, Mr Stanley 
Smith comments that during a 
year when the estate agency 
business has received more than 
average bad publicity, “there 
does appear a need in some 
.cases to place our house in 
order, and tighten up our 
methods of business. The pro- 
fession remained complacent 
during the 1970s, and those 
wishing to succeed in the 1980s 
are having to look closely into 
sale procedures and general 
ethics. .While competition tends 
to assist in raising standards, 
there can be no place for those 
relying on their reputation and 
laurels. With no end to the 
buyers’ market in sight, sup- 
ported by ready finance from 
both building societies and 
banks, keen pricing and active 
selling must be the by-word. 

At Jackson and Jackson, also 
in Lymington and Milford-on- 
Sea, they are promoting 1982 
as “The Year for the House 
-Buyer.” and they have prepared 
a special list of homes for sale 
ranging from the interesting 
country house to the picturesque 
cottage, incorporating new 
homes for the young as well as 
flats for the elderly. Says part- 
ner Mr Paul Jackson: “We are 
convinced that never again will 
there be such a wide and varied 
choice of property. And house 
prices have remained stable for 
the past two-and-a-half years, 
when most other prices have 
continued to rise sharply.” 

9 Property details and reports 
from Mr 1L Henry, John D. 
Wood incorporating Jackman 
and Masters. The Red House, 
53 High Street. Lymington, 
Hants. Mr J. Stanley-Smith. 
Fox's'. 85 High Street. Lyraing- 
ton and Mr P. Jackson. Jackson 
and Jackson, The House On The 
Quay, Lymington. 


PROPERTY WORLDWIDE incl. SPAIN, FLORIDA & U.K 

FOR HOLIDAY ■ INVESTMENT • RETIREMENT 

WHOLE-OWNERSHIP • TIME-SHARING, ll 

— ‘Tnrr ^jdT^KirTl I V)wi it mb m 


INTERN L»”f; 

c-*^stn 22.23 & 24 


TED 


_ondon *>*• , Sl>m 



Admis sion tU ^ 


organisers: 

^ Homes & Travel Abroad, 

52 South Molton St. London Wl. 01-629 6039. 


TENNANT’S 

. WENSLEYDALE \ 
NORTH YORKSHIRE 

3 bedroom House in glorious 
elevated position with panoramic, 
views, in 2 acres of. grounds,' 
together, with a further 99 acres 
oF adjoining land in six lots on 
the Bolton Estate. •" > 

FOR SALE BY AUCTION ’ • 
10th MAY 1982 

Full particulars Iron the 
Agent's Offices; • • 

26 Market Place. Leyburn 
North Yorkshire - Tel: (0)69) 23451 


MAY'S have always had a good selection 
of properties to rent In Soutb West 
London, surrey and Berkshire Tat: 
Oxshott 3S11. Telex D655112. 


RESIDENTIAL PROPERTY ALSO 
APPEARS TODAY ON PAGE 16 


The Sever Castle Estate 

Kent, England 3,145 Acres 

.The home of Lord and Lady Astor of Hever 


HAMPSHIRE 


■ r.' n V. Winchester 5 miles Southampton 10 miles 

THE OUTSTANDING FARMING, SPORTING AND RESIDENTIAL PROPERTY 
ALL WITHIN A RING FENCE 

THE HURSLEY ESTATE-about 5*38 acres 

Offered For Sale by Tender as a whole or in two halves: 

THE NORTH HALF THE SOUTH HALF 

2,078 acres farmland In hand. 663 acres wood- 1.856 acres farmland in hand. 801 acres wood- 
land (soma In), other land 100 acres, modern land (some lei), other land 68 acres. 2 dairy 

dairy unit, extensive grain-storage and. other units, gramstore and other buildinqs, farm- 

buildings. 2 farmhouses. 13 cortagaa — .in all house, IS cottages, in all 2.725 ACRES. 

2.861 ACRES. .- 

Etch hail has a substantial principal residence. which Is available separately. 

Excellent spoiling amenities Including roe and Fallow deer sulking. 

TENDERS TO BE SUBMITTED BY 10th JUNE 1982 (UNLESS SOLD PREVIOUSLY) 


offered in Great Britain for several generations, together with 
die important art collection , a property of unrivalled 



KENT 


Atairfsto/ie 4 miles - Paddock Wood 6 miles 
Tonbridge 10 miles 

The Gennings Estate 

First-das fruit farm with valuable orchards of mixed 
varieties for sale as a whole or in separate lots. . 
166 ACRES 
including; 

Impressive 16th century house. Farmhouse. Cottages. Buildings. 

Reservoirs and sites with potential for development. . 

. Excellent modern, controlled atmosphere cold stores and 
pack house to store 500 tons. ' ' 

AUCTION (unless previously sold) 

THUR5DAY, 20th MAY, 1982 

Joint Auctioneers; 


StruUSParkerJr 


01-6297282 


CANTERBURY 
CHELMSFORD 
CHELTENHAM 
CHESHIRE 
EDINBURGH 
13 Hrti Street. Berkeley Square, grantmam 
L ondon v.u sol ipswjch 


and as Strutt 6 Parker. Watts & Co 
at Harrogate, Northallerton 6 Barnard Castla 


IPSWICH 

LEWES 

.’-OfWlCN 

SAUSEUtV 


The Moated Castle 

6 Reception Rooms, 9 Bedrooms, 

7 Bathrooms, The Keep, Council 
Chamber, Long Gallery and Armoury. 


The 156 room “Tudor Village”. 

The Famous and Beautiful 
Grounds - Italian Garden and 
Lake. 


114 houses, cottages and flats. 

The Land -527 acres vacant, 
668 acres woodland, 1,804 
acres let. 


JOH N' D WOOD 


■ 23 Berkeley Squarau London 
W1X6AL - T«l: 01-629 9050 
(Ref. AJP/AK8S) 


#? Jackson Stops & Staff 

h CURZON STREET LONDON Wl 01 - 499-6291 


CHESHIRE 


47f Acres 


Manchetctr Airport 30 minutes - Crowe Station 72 mi/s* 

MB Motorway 6 miles ' 

A SUBSTANTIAL COUNTRY HOUSE LISTED GRADE tl if. 
With Planning Permission for Offices.' 



j Jr.:' it 


Enioymo a superb southerly oulloc.L "over open farmland. ‘ Hell: wWi' la 
ofllce s. Cloakrooms. Kachans, &Ml«ts end *“*!* l aKuT'LSI™ 

with 2 Rmaeplion. 3 Bedmoms and a RJ^roDms. w ^’l*£ c, 52 

to SOft hetnnd indoor- Swimmm0 poo L 

acre! of mown qra» suitable for playing fields. Parkland grazing and 

Ch«»' CM 1 ^ - 7«*XWW^ . . 


GLOUCESTERSHIRE 

" Meteton-m-Maish 2 miles ; Chalttfitom 20 miies- . 

Ortlord S3 miles 

12 ACRES 

A MAGNIFICENT GRADE II it 

Queen Aline Country House' \ 

enjoying southerly vkm ovor Co«woW OumtoaWe. 

3 flacancrdn Rooms. Ctawerwitory, 8^0^ Roof Iwn Blf cSS£i 
fuuhcr Bedrooflivii 6 Silhiooifis snd Shower Room CtnvnJ Heitmg. 

and p»m»»-l««d. fii.aR •baot-12.Acras. , • 

tot Safe by Anstumpn May«th ’WZ « by Priyato Traaiy naw _ 
ac-a wood or la.l.ot*. .' 

Apply Market House. Chipping Campden GLSF 6AJ 

" T-l (0386) 840224 


EAST SUFFOLK 

Aldaburgh S miles. Ipswich 18 miles 

Liverpool Street 70 pm. Norwich 40 miles. London 34 miles 
THE IKEN HALL ESTATE, WOODBR1DGE 
An Excellent Residential, Agricultural and Sporting Estate 
in unspoilt surroundings 

Extensively Modernised House with views over the Aide Estuary. 
3 Reception Rooms, 4 Bedrooms, 3 Bathrooms (2 Bnsuiie). Gardens, 
outbuildings, lodge. 

In -hand (arm of about 1.587 acres, with extensive .taimbuildings 
including 2 dairies, 2 farmhouses. B modernised cottages. Woodland 
about - 220 acres. 

'.First class pheasant, partridge and wildfowl shooting 
IN ALL' ABOUT 1,872 ACRES • . . 

With Vacant Possession (subject to cottage occupancy) 

FOR SALE BY PRIVATE TREATY AS A WHOLE 

Joint Sole Agents: Weller Eg gar. The Ca n le M arket. Moorfield Road. 
Slylield GreAn. Guildford. Surrey (0183) 73388. Farm Agency Dept. 
10252) 716221 

Strutt & Parker: London Office 01-623 7282 end Ipswich Office (C473) 
21*841 ' (Ref. 1EAB435) 

WEST SUSSEX 

Horsham 2Pj rnrfax (London /Victoria S3 minutes) 

Gatwick Airport 76^ miles. London S3 miles 

THE HYES ESTATE, RUDGW1CK 
A First-dais Residential, Investment and Sporting Estate 
Well appointed house dating from the XVffth Century 
with distant- southern views 

Hell. 4 Reception Rooms. Billiard Room, 6 Bedrooms, 2 Dressing 
Rooms. 4 Bathrooms, Shower Room. Garage end Stable block, tine 
old Bam. Pair ol Callages. Hard Tennis Court and Swimming Pool. 
Carden, paddocks and woodland. About 105 acres. 

Arable and stock Farm about S22 acres let a: £25.900 per annum 
and vacant Woodland about 118 acres. 

First class commercial woodlands, about 269 acres. 

16th Century Cottage in lakeside wooded setting, about 32 acres. 

Pair ol Lodge Cottages. Fishing on the Rive- Aru.n. 

In all about 1,340 Acres _ . __ 

FOR SALE RV PRIVATE TREATY AS A WHCLs OR INB LOTS 
-6We-.Aqenta: Strutt &- Parker. London Office <il.£>9 7282 and Lowes 
Office 201 High Street (079161 5411 iRf! 1EAS251) 

WILTSHIRE ■ ■ 

Salisbury 7; miles ' 

AN EXCELLENT DAIRY AND ARABLE FARM 
Together wi^h ^Substantial 18th Century Listed Family House 
In a Ineadily accessible position 
Loti Outline Flanifing Permission tor Farmhouse. 

■ ' ■ • '3~£citttB*t. Comprehensive range of modom tarmbaji dings. 

. Block of Agricultural land. In-hand Sporting Rights. 

.. About 488 Acres ■ 

Lot 2 First .Class Area of Accommodation Land. About 72 Acres 
Lot 3 Weil Appointed Grads II Family House — 5 Reception Ran ms. 
"4/5 Bedrooms; Dressing Room. 2 Bathrooms; 2 Ante Bed- 
. roams: Oil Central Heating. Oulbtl»dms*- Attractive Waned 
. Garden. About 1 >25 Acres 
■. . |M 'ALL ABOUT 54T ACRES 

.FOfrSAUJBYTmVATE TREATY AS A WHOLE OR IN 3 LOTS 
WITH VACANT POSSESSION 

Salisbury .Office: 41 MiUord Street (Q722j 2S74. (Ref, 7AB21 m) 


SAVILLS Sotheby’s 


20 Grosvcnor Hill, Berkeley Square, 

London W1X0HQ 

Tel: 01-499 S644. Telex: 263796 


9S0 Madison Avenue, New York 1 0021 , USA. 
Tel: 1 2 12 1472-3431. Teles: 232643 Or 
34/35 New Bond Street, London Wl A 2AA 
Tel: 01-491 7978. Telex: 24454 


ABERBEEHSHIF'E, STRATHSON 13,500 ACRES 

Inverness 65 miles. Braemgr 30 miles. Aberdeen Airport 45 miles 
CANDACRAIG ESTATE 

An outstanding sporting and agricultural estate with expensive commercial 
woodland in. one of Scotland’s most naturally beautiful and unspoilt areas. 
Candacraig House 
13 Estate houses and cottages 

Home farm— 516 acres arable. 6,950 acre's Kill grazing 

5 let farms— 1$72 acres arable. 1.140 acres hill grazing producing £7,170 per annum. 
4} days driven grouse moob— averaging 1,343 brace 
Excellent wild pheasant shoot 
Roe deer and. red deer stalking 

Salmon and Trout fishing on about 70 miles of River Don 
4,330 acres of Commercial Woodland 
For sale as a whole or in 6 lots. 

f a ^ b JL viewed in London or Edinburgh offices by arrangement. 

SAVIU-S. 4fi square. Edinburgh. Tel: 031-226 6861. 

Street. Brechin. Angus. Tel: (03562) 2187. 

S AVILLS, 20 Grosvenor Hill. Berkeley Squ are. London W.l. Tel: 01-488 8644. 

FIFE . a ,3BEiT 4B ACRES HERTFG 

Ametosch Fj miles. Colinsburgh 3 miles, Edinburgh 45 miles Harpenden 3 


ACRES ISLE OF LEWIS, OUTER HEBRIDES 

Timsgarry T miles. Stornoway 34 miias 
ABOUT 200 ACRES 

ounmfrdal ° n * of tlie k ,arKfs finest fisheries with superb 

roHt areas. LH^Ba?' ' eriooking ma ® nificent white of 

House- currently used as an hotel with: 3 
reception rooms. 1 1 bedrooms, 3 bathrooms 
per annum. en 5 separate bathrooms. Oil-Fired central 

heating. 

Keeper's cottage, modern bungalow. 

Outstanding fishery with 16 named pools and 
averaging 93 salmon. 

About 200 acres vacant possession. 

For sale as a whole or in 2 lots. 

SAVILLS. 46 Charfotte Square. Edinburgh. 
Tel: 101-226 6961. 

HERTFORDSHIRE — KIF^PTQii &R0UT 21 ACRES 

Harpenden 3 miles ( St Pancras 30 minutes J. Luton B miles 



. AMERICAN 
EXECUTIVES 

seek luxury furnished flats or 
houses up' to' £350' per week. 

. Usual iees required. 

. . . Phillips Kay and Lewis 
02-839 2345 


HOLI3AY HOKES PteS a socod Invest- 1 
-riuk. in S.W. seacard- A suser ctecsc ■ 
ip Buy a tsxttry holiday 

tom*- eo3 u> too Sal war Ccast in , 
Gaiiaway. MaU lor ipra simsi i t. fcali. . 
nan or rerimnent. fbCiao. recsturant. ’ 
tors and hors* rjrflne on Each • 

190 Mne tos ;ftrw tcdiwn. 1 * 105 . 
ream fciietoo, bathream: central heat- ! 
taa. Resident bum Dement makes an I 
rxttfKwt retbm mtswle on rwettmenL . 
Pncea trem 122 JD 0 B- Send -la r hill 1 
in'crmatM and CDtecr broeburr to: j 
rran* Gaurtaw. Barmd Piwertie* ; 
Barpmi SaadvbUls, DalbMtie. Kirhtud- 1 
brioiitihlre. TaL DX» 77 B 653. 


One of the finest country houses In fife, former home of 
Sir Robert Larimer, ' 

4 reception rooms, 3 principal bedrooms with dressing rooms. 
2 bathrooms, 3 self-contained feu. Oil-fired central heating. 
Stable block with flat, stables md garaging for 6 cars. 
Wailed garden. About 4S acres parkhnd. 

For sale as a whole or in 4 Ions. 

Offers oyer £125.000 for the whole. 

SAVILLS. 46 Chariots* Square, Edinburgh. Taf: 031-226 6961. 


fine superbly renovated house of period origin and character 
in a delightful setting overlooking farmland with guest and 
staff cottages and excellent stabUng- and paddocks. 

3 reception room:, 5 bedrooms, dressing room. 4 bathrooms. Oil- 
fired central heating. --bedroom steff cortege. Guest annexe. 
Garaging lor 4 care. Extensive outbuildings including 18 loose boxes. 
Magnificent gardens with hard tennis court. 4 paddocks. About 21 acres 
For 5ale by auction on Thurday, 10th June, 1982 
■ * L (“"less previously sold). 

Separately available by private treaty: Pair of semi-detached 
2 -bed roomed cottages with large gardens. 

* SPA “ 0W - “ Hish •"* 
01 - 499 ^ 8644 ^* Qrasvonor Hill, Barkaloy Square, London W.l. Tel: 






16 


Financial Times Saturday April 17 1862.. 


LEISURE 


Spring 
in the 
Sierras 


WHATEVER the calendar says, 
Easter is the psychological start 
to Spring. The pity is that no 
one seems to have told Mother 
Nature this. She has a capri- 
cious habit of surprising the 
Easter bmmies and over-opti- 
mistic travellers with a re- 
minder that winter has not 
yet departed the stage. 

A recent few days in Cali- 
fornia have drummed home 
the point Plans to make for 
the hills were destroyed by a 
deluge of snow. The Lake 
Tahoe area, shared by Cali- 
fornia and Nevada, was getting 
up to four feet of snow a day. 
Huge American trucks were 
parked in their hundreds on 
the approach roads to the high 
Sierras, which cut off -the 
prosperous society of the 
American Pacific West from 
supplies from the East 
Avalanches buried buildings 
and brought death to skiers. 
Tahoe was only accessible by 
air. 

For the casinos of Reno it 
was both bad news and good. 
It meant that few new visitors 
were even bothering to attempt 


TRAVEL 

ARTHUR SANDLES 


the trip, but those who were 
already there were trapped at 
the tables. 

Spring has come late to 
mountain areas on both sides 
of the Atlantic this year. Last 
week another late fall of snow, 
not quite on the scale of the 
Tahoe deluge, had turned a 
descent from the peaks of the 
Alpes Mari times to a Riviera 
enjoying a confusing warmth, 
into a wheel spinning test of 
driving abilities. 

But mountain areas in the 
spring are spectacular places 
and. post-Easter perhaps, well 
worth the risk of the occasional 
snow flurry. This is particu- 
larly true of those mountains 
which have the sea as their 
neighbour, for the warmth of 
the oceans means green foot- 
hills and an earlier start for 
plant growth. 

Mountain spring has a rela- 
tively short time to enjoy itself 
and. once it senses the warmer 
days, leaps enthusiastically to 
life. Both plants and animals 





must make the most of the short 
period when mountains are 
-hospitable. One might add 
cynically that the same things 
apply to hotels and restaurants, 
which start the season fresh 
and eager before the real 
summer rush. 

The shortness of the season 
has its disadvantages, however. 
Some mountain areas — with the 
notable exceptions of Austria, 
Switzerland and those regions 
of the U.S. which are ski as 
well as summer resorts — are not 
well endowed with good ac- 
commodation or restaurants. 
And, in April and May, you may 
find some places closed. 

The art of mountain visiting 
— and for me that means pic- 
nics and horseback riding 
rather Than crampons and 
giddy ascents — is to slip into 
the hills in the magic time be- 
tween winter's end and sum- 
mer’s hordes. Usually that 
means May or June. 

The mountains of the 
American West are ideal for 
anyone wishing to sample this 
magic. Not only are they acces- 
sible in a way that few vast 
mountain areas are but they are 
also largely untamed. You may- 
drive in on a four-lane highway, 
but within minutes you can be 
off. on a walk in the company 
of marmots and brown bears, 
rosy finches and water ouzels. I 
had never realised just how 
loud a woodpecker could be un- 
til one decided on a 5 am foray 
on a tree outside my bedroom 
window -in the Oregon Cascades 
last week. 

The Cascades, the Sierra 
Nevada (which in spite of its 
name is almost entirely in Cali- 
fornia) and the Rockies them- 
selves aTe relatively new ground 
and. as Mt. St. Helens has so 
graphically demonstrated, can 


Yosomite National Park 

produce the occasional sur- 
prise. On Mt. Bachelor in Cen- 
tral Oregon, for example, skiers 
have to make neat turns from 
time to time to avoid the deep 
holes in the snow through which 
the still-breathing volcano be- 
low vents its steam. 

The human history is short, 
too. The Oregon Trail, which 
brought settlers and gold miners 
from the east, was still the 
main artery of the area only 140 
years ago. The staggering sights 
of Yoseraite in the Sierra 
Nevada were first chronicled by 
white visitors in the 1830s and 
1840s but the reports they 
brought back were so tempting 
that even by 1855 local tourist 
statistics show that there were 
42 visitors to the valley. By the 
turn of the century the figure 
had grown to 10.000 annually. 

What is astonishing is that 
eves with the vastly larger 
numbers that now go into the 
mountain areas it is still re- 
markably easy to find wildness 
and solitude. 

It is true that the more 
spectacular regions— Yosemtt 
itself, the Lake Tahoe area and 
even the Mother Lode country 
of the western Sierras — can be 
a touch bumper-to-bumper at 
holiday times. But the crowds 
are worth braving for the views, 
and then you can be off on your 
own. . 

Lake Tahoe sits at the centre 
of the Sierra Nevada. It is 
about the same size as Geneva’s 
Lake Leman and is at a 
spectacular 6,230 feet above sea 
leveL In the summer the ski 
lifts of local resorts take 
summer visitors up a further 
2,000 feet for views of both the 
mountains and the lakes. At 
that height sun tans come easy. 

It is perhaps unfortunate that 
the lake itself is fully ringed by 


RESIDENTIAL PROPERTY 


TRAVEL 


HAMPSHIRE 

On the Beaulieu River 

A UNIQUE RIVERSIDE PROPERTY 

Designed by the late Sir Basil Spence occupying a magnificent 
position on the banks of the Beaulieu River. 

2 reception rooms, 3 bedrooms, 2 bathrooms, oil-fired central 
heating, detached cedarwood cottage, solar-heated swimming 
pool, hard tennis court, easily maintained garden and woodland. 
ABOUT 3 ACRES 

FREEHOLD 



The House on the Quay, Lymington, Hampshire, S04 9 AY. 
Tel: (0590) 75025 



110821 
Summer Price From 


I*:'.'-:-'.* 




isiM^ 1 VI 1 1 1 


fttiu 


HaH 


£J’7*lE#6i 


i 1 3 


/- 1 


|^i*V -7^1 ■■■ 

VTrvlHiii 


ROYAL TUNBRIDGE WELLS, 
KENT 

Uniniiciv Mluorce the quiet end 
Vf'iius.an ci ’hr 250 .icre Common v<*t 
within "cv* minute:. w.iiL ot wr 
main shnnni-ifi irc.ti Pantiles and 

.'I the tent'c of -this historic 
spa 1 0#n A -eir.mi •; Oofhit 'rs>- 

dr-CP md n.'lkiifoujlv 

-rMisree rcajrdlcss ol c*amse Tht 
dr'P- in::ue?*. Mnrt-olorl e*! 

’ C*mpc • Pcil l».t-d r-ir.H 

rioe r ’- an£ iiVed •ir<!iil'.’*i^. an ■- 
the ionii: ro^cn him. n.n-m 

room ii-rj... ■■ io,i l rcctn. Ichcr 
Miswcr hit". l , n>nl«i loom, rlcqant 
fonse"».tt--i>. stuff*- Mclir-i. J 5 ft 
dr.vUTi r;cm w.;li Cor nthian columns, 
t bedrooms rj:h w *ti b’lh-eom. e— 
ing -ocm. townicm. Double garanr 
cnrrtem with direct I'CW 
to the Common. Gothic hirnisMno- 
matching the d?;or available If 
renuireo. Substantial oners are invited 
for th" Frepho.rj. 



The Estate O-ice. 
MsvftcM. Sussex. (0435) 072234 


426 ACRE 
ARABLE FARM 

HERTS/ESSEX BORDER 
28 MILES LONDON 

Productive compnci bloct ol mainly 
grade 2 land Extensive iradilional 
uid modern buildings. 5 bedroom 
l.’cmhousc. pn>r ol cottages and 
lodge 

AUCTION: 20th MAY 1982 
(unless sold previously) 
Apply 

Swordan. 19 North S tract 
Bishop’s Stortford, Herts 
Tel: (0279) 52441 


FLIGHTS FROM BIRMINGHAM AND 

EASTMIDLANDS AIRPORTS by British 

Nprfljvw^ fHy srfa’dl llnH *ir fme . 

^aoneBri nsfa ^cBandlngdaBst 
Midlands <0332)810582 or Btnaingham 
{021)2560121 
Jbryow brochure, 
or see ywr Travel Agent. 



ATOLNo.406 

*++♦■****+•**+++***+ 

£ The Crty of the Lake J 


-Anne Grass) 
Rjr a fees copy at ftts dskoW essay 


■VACKHEATH — HuQe Fl»t OverlookiKO 
Heath. Fitted carnets. Bine kitchen with 
jeTiS-levol cooker, gas C h. Must sell. 
630.950 o.n.o Tel 01 -60S 8150 


GUERNSEY offers low taxation — - stable 

go.crnment — British wav of life. For 
Itec "Scttllno In Guernsey" book olus 
large choice ol homes from £80.000 
(upward*) contact' Lendl 4> Partners. 
Est 1879. Smith Street, st Peter Po-t. 
Tel; 0481 Z3656. 

FLORIDA CENTRE — Complete advisory 
service and property exhibition. Open 
7 days including Bank Holidays. 10.00 
a m.-4A0 p.m. 43. Conduit Street. 
London. W1. 01-459 2626 or 01-434 

5328. 


* 

*■ 

4* on Genova toyeticr wdi or bradUB ♦ 
-Y on mdmdual tnduswe holidays to A- 
-jt ffss twang and ba*OM efly write or *■ 
-*c Phw»— * 

-k Tom affix.. 2a CtostBf One, * 
* Lotion SW1X7BQ 01-2358078 * 
****************** 


COMPANY NOTICES 


AUSTRAL! A/NZ 
immediate seat* available on World's 
best airlines at LESS than APEX (ares 
(up Co SO*6 off economy farca>- 

O w from . Rtn from 
SYO MELS £320 6365 

AUCKLAND £385 

Biro 01-404 4944 _0l-4a5 a956 
FOR SPECIAL lit CLASS FARES ONLY 
RING 01-404 4934 
REHO TRAYW. 

IS Nan* Oxford Street WC1 
ABTA 


E.B.E-S. 

SOCfETES RELATES 
D’EiNERGIE DU BASSIN 
DEUESCAUT 
SOCEETE ANONYME 

{incorporated under the uiwj of 
du? Kingdom of Belgium) 

notice of 

ANN UAL 

GENERALMEETING 

S1e«icc wfSeljraspinv will be hddoo 
Mi-ndjj.Ssh April. 13SLalU-kBL,att0D 
BeijisicTed Office ol the Company. 
MecaM g Mna xqe J^LAiiaBBpk W g s B n. 

BUSINESS 

L Tb re mw : flic Reports o^duRard of 
O j ccion. ria "Coftc«c dm Coamiigaipa'. 
and tie Cmopany Aiutoc 
1 To approtw Ms; K^lmsff Start TtaGfand Loss 
AeesmnranJ the approprl.ttlnii •< RnjfiB,h>r 
tbe.veut ended 31m December 1381. 

2 . TbAcdB^barccMUeDaBMorsaad 
* Coxmn&Mues. 

"Note 

Holders el share marrams entitled andwishins 
toatteiid drbe pepiYvaiied Jl ihcnraar: 
siouMJefWi. t* Xin April. Wr. eidwfhei" 
nfasiettiananauibearcrocacctliiTcaieof A«r 
K-Mny kcx -ri by rhrL- RanLertat B&ncrus Belgp 


Tbereopooun 


E B E.S 

SOCIETES REUNIES DU 
BASSIN DE UESCAUT 
SOCEETE ANONYME 

(iiuwprjnwvii unJcrtl&lawsof 

lire Kingdom of Belgium) 

RECONVENED 

extraojr dinar y 

GENERAL ME ETING 

Notice bbrwity given that the Emamlin i gy 
General Meemipo* iteCompmjvUiARwW 
haw been haklrxiTuesdjj. Uth^djSSLwiB 
now be be Id oo NtanUjhtta. Apn. ®B.at 
H.-tfa.flt-jtfdieRfSi»etdOfficco rdw 
Conrpanv. Mcsbebcsiwinses27LAnQrasL 
Bti^np- 

BCSEVE5S 

ITblngaicteAwtaMCjMcftt 

Company. 

Z To Amhodseao trooofduwsftr^ 
aii&cripijoa tar atmeboides— naceaoa 
Tonus lobr fised. 

3. To.\utbonse3iiIsueoC^RsfiX’ 
siibKnpB.3nby ihcsalTaf EBESaad 
INTEKESCAOT — Pricoand^snusrobo 
fixed. 

Note 

HoldeB(tfd!3te » - j i jms e a atfcdaBdwishiCS 
to attend or hercjwsenied at dm fflceciflff 

should dcpc-at. TdrsAiy, 3Wi AprIL BQ. 
either tfaorsluxe warronB io bearer qro 
oyiiiicpic.Tj ihji holdinc psued bgribar 
BjnLcn at Bcnpie Bebe LimiKd, 

4. BbhopScaiB. London. EC2N 4AD_ 
lrom^bcinhufSsQ 

lOibeMeenPsaKffiiubble. 


LEGAL NOTICE 


No. 001621 ol TS82 

Jr TH6 HIGH COURT OF JUSTICE 
Chancery Oivtsuan. In the Matter d 
ASWOOD MACHINE TOOLS PUBLIC 
LIMITED COMPANY and in the Matter 
6t the Companies Act 1848. 

NOTICE IS HEREBY GIVEN that « 
ftaution was on the 29th March 1982 
presented to Her Majesty's High Court 
Of Justice for the confirmation ol thfl 
reduction ol the Capital ol the above- 
named Company from fsoo.000 is 
£815,000. . 

And NOTICE IS FURTHER GIVEN 
thee die said Petition is directed to be 
heard before the Honourable Mr. 
Justice Noutse at the Royal Courts ol 
Justice. Strand, London. W.C.2, on 
Monday the 2fith day of April 1882. 

Any Creditor or Shareholder of the 
said Company desiring m oppose the 
making ol an Order lor the confirma- 
tion of the said reduction ol Capital 
should appear at the time ol hearing 
in person or by Counsel lor that 
purpose. A copy ol the said Petition 
will be furnished to any such parson 
requiring the same by the under-, 
mentioned Solidtors on oaymont of 
die regulated charge for the same. 

Dated this Seventeenth day el April 
1352. 

AS HURST MORRIS CRISP ft CO.. 

Bnudgate House. 

7 Eldon Strew. 

London EC2M THO- 

Solicitors lot th* sa>d Company. 


v«r.r- 


3 tarmac road, and that often 
this- road is fringed by the 
detritus of modern tourism. 

However, the lakeside also 
offers juniper and dogwood, 
aspen and ponderosa, cedar and 
cottonwood, all in abundance. 

It is a delight for the more 
energetic visitor to discover 
that Americans, like their Euro- 
pean counterparts^ are tied by 
some invisible string to their 
automobiles. Wander a little 
way from the tyre worn track 
and there . are rewards in 
abundance. 

Mountains tend to keep their 
best secrets to themselves. The 
meadow that looks green from a 
car window can be found, on 
closer examination, to be a 
kaleidoscopic array of tiny 
flowers. Larkspur and wild 
onion, the colourful paintbrush 
and gentian abound in easily 
reached hill pasture. Venture 
higher and you come into the 
world of the alpine heathers. 
The pangs of appetite were 
sparked only a couple of weeks 
ago when my horse ventured 
into a glade so rich with the 
smell of rosemary that any pass- 
ing lamb would have been in 
immediate danger of roasting. 

No organised tour can bring 
you' all this, of course. Moun- 
tain enjoyment is very much 
the ability to go off at whim to 
wherever the fancy takes. But 
car rental in the U.S. is easy 
and, even in these high priced 
dollar days, relatively In- 
expensive. 

The ideal way, but the most 
expensive, would be to enter via 
Los Angeles, drive immediately 
inl and to join the mountains at 
Sequoia. It is t-hen a convoluted 
but fascinating route north. If 
you have a montti or so you 
might even make it to Seattle 
for the flight back to Europe. 

Given more normal budgets 
and time, then use San Fran- 
cisco as the gateway and do a 
large loop around the Yosemite/ 
Tahoe area. If you go in the 
next few weeks, while there are 
still special offers available on 
fares, be prepared for some 
higher roads still to be blocked 
by snow and some leisure 
facilities — riding establishments 
for example— not to be open. 

But do go. The mule deer, 
the mountain rabb its, the pine 
martins and the lynx are all 
waiting. 


Diesels on the way 


VOLKSVAGEN/AUDL whose 
range is already Europe's best, 
continue to produce new models 
as though they were going -out 
of fashion. 

The Polo- hatchback, intro- 
duced. 2a& autumn, lias bees 
followed quickly by fhe Classic 
three-box version. It went on 
sale in Britain last month at 
prices ranging from £3375 for 
the LI litre model to 
£4,790 for the quite elaborately 
equipped L3 Htre GL. like its 
predecessor, the Derby, tire 
Classic is a Halo up to the door 
edge. Theft it has a stylish 
saloon, back, with a 19.1 cubic 
feet- capacity boot instead of 
a chopped-cff semi-estate back 
with a tailgate. The boot is 
really big; a Cortina's holds 
11£ cubic feet 

VW expects to sell 23,000 
Polos in Britain this year, 6,000 
of them in the Classic saloon 
version. Nine out of 10 will 
go to private buyers, for whom 
it will be their only car. It 
looks a much larger car than 
the Polo hatchback and is in 
fact a foot longer, accounted for 
entirely by the boot Its aero 
dynamics must be better, too. 
Around town and at moderate 
cruising speeds. Us fuel con- 
sumption is identical to that of 
the Polo batch. At a steady 
75 mph, however, the Classic 


does between 1J3 'and 1.8 more 
miles per gallon. 

Three more new cars from 
VW/Audi that I tried in Ger- 
many before Easter won’t be 
coming to Britain yet, though 
two of them — the- Audi 80. 
saloon with turbo-diesel -engine 
and the 2.2 litre, fuel injected 
Audi 80GT Conpd — are due 
here by summer. 

The coupfi has essentially the 
same engine as the 200E saloon 
and the Quattra, though minus, 
the latter's turbocharger and 
four-wheel drive. It should be 
an attractive proposition for the 
buyer who likes a fast car that 

i ''' 

MOTORING 

STUART MARSHALL \ 


accelerates well with excellent 
handling, but needs- a family- 
sized rear compartment and 
booL 

The five .cylinder engine isn’t 
quite as muscular as.it is in the 
Audi 200E saloon— an output of 
130 bhp at 5,900 rpm instead of 
136 bbp — because restricted 
under-bonnet space called for 
changes to the inlet manifold. 
But the GTs 120 mph maximum 



Th* 1» mph Audi 22 tow, fliai-hfectcd GT. It comet in between 
the Standard 1-9 litre coupfcand th* £1&0QD four-wheel drive Quattro 


and 0-62 mph acceleration m 
02 seconds give it an edge on 
rival saloon-derived coupes nice 
tire Benanlt Fuego GTX and 
could even give Porsche 9^4 
fanciers pause for thought 
. Price of the 2J^ GT Coupe, 
power-steered and fitted with - a 
-dose ratio five-speed gearbox 
w3L .1 believe,, -be around 
£10,000.. That would put it weH 
above the, less argent 13 litre 
five-cylinder coup£ and below 
the charismatic Quattro, cur- 
rently ‘ listed (with left hand 
steering) at a shade over 
£15.000. 

Volkswagen's 1.6 litre tuxbo- 
dieseL which I first experienced 
in the IRVW research vehicle 
four years ago, is being installed 
in a range of five care— Audi 80 
and the VW Golf, Jetta, Passat 
and Santana. The Audi 80 will 
arrive here at about the same 
time as the GT coupe. The turbo 
diesel Golf GTD is doe in 
Britain early next year; plans 
for the importing of turbo-diesel 
jetta, Passat and Santana (a 


notchhack derivative of the 
Passat That makes the Audi 100 " 
look rather redundant) have not' 
been announced.- - *• - 
. The British . market . ' ^ 

doesn’t take the diesel car very 
seriously. We bought just irnder- -? 
.10,006 of them last year where- ' 
as in Germany, .VW alone- is • 
belting out car diesels. il the ■ 
rate of 3.000 every working day; 
-But, as Fve been ' maintaining. . ' 
for years, things wH-change. . . 

It won’t be on sale in Britain . 
for several months after its 
official debut at Turin Show 
next week. Rover Stress its : 
great smoothness. • 

• The - first British sounding 
diesel- cars to go on sale: here i 
will be the'Vauxhall Astra, and - 
Cavalier. They are due out / 
next month; I tried an Astra r 
diesel (actually, its identical * 
twin Open Kadett) in Swttser-: 
land a couple of months ago 
and . was most impressed. Its 
liveliness and smoothness were 
fully up to VW standards. 


A satellite fixer 


THE BIG NEWS to emerge at 
the rather subdued Earls Court 
Boat Show was that accurate 
worldwide navigatidn has been 
made possible wife the aid of 
a gadget the size of a lunch 
box and costing less than £1,000. 

Like most stories the real 
account of this advance is more 
complicated than a one- 
sentence summary suggests. 
The system of satellite naviga- 
tion would not be possible at 
all , to begin with, without the 
co-operation of the U.S. Gov- 
ernment The military Satnav 
system of satellites in roughly 
polar orbits was put into space 
15 years ago to handle the 
navigation needs of Polaris 
missiles; and perhaps other 
weaponry. 

The US. made marine 
satellite navigation possible for 
commercial vessels and for 
yachtsmen by making some of 
the Satnav facilities freely 
available. 

However, it remained a very 
expensive way of finding one's 
way about the oceans for. a 
number of years. Receivers used 
to cost perhaps £10,000 each. 
That was until one of the oldest 
navigation equipment makers 
in the world. Thomas Walker 
and Son became interested. 

' The small Birmingham com- 
pany employing 60 people 
brought the first cheap satellite 
navigator to the market two 
years ago. Priced initially at 
£1,500 it prompted a scramble 
by yachtsmen and fishermen 
throughout the world to install 
the new gear and learn the 
techniques (which are quite 
simple) of space age navigation. 
Walkers almost at once more 
than trebled their turnover to 


some £3m a year and have now 
given notice by marketing their 
smaller, simpler, and cheaper, 
second version at under £1.000 
that they intend to stay ahead 
of the competition. 

But bow did a traditional 
company such as Walker 
manage to beat' the rest of the 
world marine equipment Indus- 
try Including the Americana 
who had been living with 
Satnav for years? 

It all came about almost by 
accident Walker was market- 
ing a range of sound but 
thoroughly conventional wind 
and water speed instruments 
during the 1970s. Meanwhile, 
the company's oldest and best- 
known product continued to be 


BOATS 

ROY HOOSON 


made — the taffrail mounted 
mechanical log driven by a 
rotator towed on a line astern 
of the vessel. 

By 1978 the Walker family 
had relinquished active 
management connection • with 
the company- Mr John Bishop, 
at one time company secretary 
and now managing director, 
was attempting to revive the 
company's fortunes on behalf 
of a consortium of Midlands 
businessmen. 

The board of directors was 
sitting round ’ the table in 
Birmingham and, frankly, 
wondering where to go when 
one of them scribbled a few 
lines on a piece of paper and 


passed it round. It was the 
germ of the small boat satellite 
navigator idea. And it had 
originated in a progressive 
electronics company. Poly- 
technic Marine of Coventry. 
Polytechnic developed the 
equipment and now manufac- 
tures its electronics. The two 
companies have become closely 
linked through common share- 
holdings. - 

The heart of the' Walker 
satellite navigator is a control 
unit It is there to. measure 
incredibly small time differences 
as a satellite passes over and 
transmits signals from which a 
position can be calculated auto- 
matically. To achieve 1 the 
’ necessary accuracy the Walker 
time control unit is housed in a 
miniature oven within the 
receiver. As soon as the set is 
switched on the oven is heated 
to a temperature of about 
80 degrees C and maintains-that 
level. Each time unit and oven 
are matched together before 
fitting. 

The: average time between 
satellite passes is about 40 
minutes. Between them the 
receiver up-dates the ships’ 
position by a dead reckoning 
(DR1 plot. The new set priced 
at £995 requires details of 
course, tidal stream and speed, 
to be entered manually via the 
receiver’s keyboard to keep up 
the plot. But the. more expen- 
sive Sat Nav 802 model at 
.£1.700 can do your DR auto- 
' matlcally if it is connected to a 
log and compass. . 

The 802 can also be "sent to 
sleep ” for most of the time so 
that it can accomplish two 
Atlantic crossings upon the 
power of one average lead-acid 
accumulator. It works this way: . 
the receiver is programed to 
“ wake up ” to secure the ship's 
latitude and longitude from a 
passing satellite at say. mid- 


night. It will record the dead 
reckoning while using hardly 
any power until one hours Be- 
fore the satellite is due. Then 
it will “ wake . up." - 

The satellite navigation sys- 
tem using Satnav will be the 
mos imporani ocean navigation 
system for small boats (apart 
from the trusty sextant) until 
the 1990s. During^ that decade 
the Americans are .expected to 
make available a new satellite 
system called a global posaion- 
ing system and code-named N av- 
atar. Once again it will be pri- 
marily a military system with an 
ultimate accuracy rdf ' ground 
fixes to an order of inches. The 
de-tuned version to 'be.: made 
available to civilians is expected 
to have a reduced accuracy. The 
present Satnav can give remark- 
ably accurate results' of .well ‘ 
under one nautical mile posi- 
tional error. 'Generally accura- 
cies are better than 0.2 nautical 
miles.. 

For coastal navigation, how- 
ever. other electronic systems . 
are jostling for position. Several ' 
automatic systems now offer 
fixes from coastal radio beacons. 
The Decca radio - navigational 
chain has just beds made avail- - 
able to yachtsmen through a 
new. set for small boats selling 
at £L500 V ... - 

' Finally,, there .is at- least a 
prospect of tire tried and- trusted : 
/Loren system, so popular in 
North America^ waters, being 
extended to Europe. Both the 
Decca and Loren systems have 
an edge over satellite naviga- 
tion for coastal waters in that 
. the petitions they report are up- 
dated continuously, from the/ 
radio chains whereas satellite, 
navigators depend upon the 
periodic passage of satellites 
above the horizon. 

Really, " there w® be .. Httie 
excuse for running aground in 
tire. 1980s.- 


CHESS 

LEONARD BARDEN 


AT THE END of nine hours’ 
play in the England v USSR 
semi-fina-1 for the World Chess 
Cup played by telex, the Soviet 
side sent a message thanking 
our team for a “ competitive 
fight.” That seems fair comment 
on a match where the Russians 
always led but where the 
English team were several times 
close to recovery. 

Detailed results were (Eng- 
land names first) A. J. Miles v. 
Y. Balashov for adjudication 
(Miles 'is a pawn up): J. 
Speelman v L. Psakhis for 
adjudication (Speelman is a 
pawn down): R. D. Keene f, 
A. Yusopov J, A. J. Mestel v 
V. Tukmakov for adjudication 
(Mestel is two pawns up but 
there are bishops of opposite 
colours); M. Chandler 1, O. 
Romamshm 0: N. D. Short 0, 
V. Kupreychik 1: P. E. Little- 


wood 0, E. Sveshnikov 1; S. M. 
Taulbut J, E. Vasyukov {. The 
USSR thus leads 3-2 with three 
for adjudication. 

Miles and Psakhis have pro- 
nounced advantages, so much so 
that the England captain offered 
to agree both results; but the 
Soviet side preferred to send 
them to the adjudicator along 
with Mestel’s endgame. If Speel- 
man loses and Miles and Mestel 
both win. the score will be 4-4 
but England go througb to the 
final on a superior board count 
(more points on the higher 
boards). 

Unfortunately this desirable 



outcome appears unlikely. The 
diagram shows the final position 
with Tukmakov (White) to 
move hot no dear winning plan 
for MesteL 

The trouble with Blade’s 
petition is that his two united 
passed pawns are blockaded and 
wiH remain so. Whife does not 
continue 1 B-K5? K-B4; 2BxP, 
P-Q5 when the pawns advance 
and Black should win, but 
1 B-R7! K-Q3; 2 B-N8 ch. K-B4; 
3 B-R7 ch! maintaining the daifk 
square blockade. Black can try 
various long-winded manoeuvres 
to infiltrate with his pieces? but 
White's king and bishop only 
hare to protect a small area of 
territory between the QB and 
KB fil»»s so there seems insuf- 
ficient room to break through. 

Though neither side was 
completely at full strength. 
England probably were more 
affected by the absence of Nunn 
and Stean on prior overseas 
commitments than the Russian 
tide were by missing Tal atid 
Polugaevsby (Karpov has never 
played telex chess. and 
Kasparov has not done so for 
several years). 

A narrow defeat from the 


■world diampions is an honour- 
able result Scores in the four 
most recent England v USSR 
matches are 2-2 (Buenos Aires 
1978). 4-4 (Skara 1980V l*-2t 
(Malta 1980). and now probably 
3 Mi- A yawning chasm of 
difference in class a generation 
ago (we lost . 1$-2SJ to the 
Russians in 1954) is now the 
narrowest of gaps. 

The match was held in 
excellent conditions, at Phillips 
and Drew's London Wall offices 
while the England team was, as’ 
usual, sponsored by Duncan 
Lawrie. In the most brilliant 
game of the day, Kupreychik 
gained revenge on Nigel Short 
for defeat at Hastings. 

White: V. Kupreychik (USSR). 
Black: N. D. Short (England). 

Pirc Defence 
(World Telex Cup, 1982) 

1 P-K4, P-Q3: 2 F-Q4. N-KB3; 
3 N-QB3, P-KN3: 4 B-K3, P-B3; 
5 Q-Q2, QN-Q2; 6 N-B3, Q-R4 
(the best moves in this opening 
are debatable, but I prefer 
B-QN4 and R-QN2 as more 
solid); 7 R-Q3, P-K4; 8 04-0. 
F-QN4; 9 K-Nl, Q-B2; 10 B-N5, 
B-K2; II P-KR4, P-QK3 (provok- 
ing White’s following sacrifices. 


but after mixing two opemng 
systems Black should batten 
down the hatches by 11 ... . 
P-KR4): 12 PxP, PxP: 13 P-R5, 
NxRP; 14 BxB, KxB; 15 RiN! - 
(with the black. K in the centre,' 
White has ample compensation, 
for the exchange)^. PxR; 
16 Q-N5 ch, N-33: 17 NxKP, 
R-KN1; 18 Q-B4. R-R2; 19 N-Q5: 
ch! PxN; . 20 PxP, B-N27 (a 
blunder but Black is lost White; 
has a variety of threats indud?- 
rag N-B6 ch and B-B5); 21 IWffi ■ 
ch! K-Q2; 22 Q-B5 ch. Resigns. 
If K-Kl: 23 R-Ki ch, K-Ql; 24 
QxN ch, Ml; 25 N-K7 ch. 

POSITION No. 419 • ; - 



BRIDGE 

E. P. C COTTER 


SOMETIMES HANDS are flat 
and uninteresting, but here are 
two deals from rubber bridge 
which wiLL I think, instruct and 
entertain yon. Lok first at this: 
N 

♦ Q 5 

O A J 7 3 

O K Q 8 G . 

+ 964 

♦ 10 9 8 6 2 +743 
<78542 n K6 

0943 <*J10 52 

+ 2 * Q J 5 3 

S 

♦ A K J 

Q Q 10 9 

O A 7 ' 

+ A K 10 8 7 

With North -South vulnerable. 
South dealt and bid two no- 
trumps, and North answered 
■with a Baron three dubs, asking 
for four-card suits to be bid in 
ascending order. South said 
three no - tramps, which .an- 
nounced that he had no four- 
card suit other than dubs, so 
North did not waste time in 


bidding his red suits, but went 
straight to six no-trumps, which 
became the final contract. 

West led the fen of spades, 
which was taken by the King, 
and the declarer laid down the 
Ace of clubs. When each de- 
fender produced a low card. 
South led the seven of dubs 
to dummy's nine. West showed 
out and the Knave won. East 
returned a spade to the Queen 
on the table, a club was led for 
the marked finesse of the ten, 
and the King dropped East's 
Queen, during which time West 
had discarded a spade and two 
diamonds. 

The declarer, who was a first- 
dass performer, came to the 
conclusion that West must have 
more hearts than East, and was, 
therefore, more likely to bold 
the King, so that the finesse was 
the percentage play. But he 
also knew that West was an 
average player, who had learnt 
to “cover an honour” at his 
mother’s knee, so he played the 
heart Queen from hand, and 
when West played low without 
hesitation, he put up dummy's 
Ace, and decided to rely on a 
heart-diamond squeeze against 
East. He crossed to hand with 
a diamond to the Ace. and 
cashed the Ace of spades. 

In the four-card ending East 
held the heart King and Knave, 


ten, and five of diamonds. Now 
the cVob eight applied the coup 
de gr dee, and East had no good 
discard. 

Pull marks to the declarer 
for haring executed a safety 
play, for good psychology, and 
for bringing off an automatic 
squeeze. 

The second deal is an illustra- 
tion of The Sucker’s Double, to 
which I have referred on more 
than one occasion : 

N 

♦ J 10 9'5 
A 5 4 

OAK-8 7 

A A 6 

W E 

♦ K Q 4 *32 

3QI0 7 99 8 6 3 2 

O J 10 9 0 5 4 3- 

*10 983 *754 

S 

* A 8 7 6 

9KJ 

4 Q 6 2 

+ K Q J 2 

South dealt at game-all and 
opened the bidding with one no- 
trump. to which North replied 
with a Staynun two c£ubs. When 
the opener said two spades. 
North with three first* round • 
controls and reasonably good 
spade support, thought he would 
take the pressure off his 
partner, and jumped to six' 


spades. ‘West, deriding quite 
unjustifiably that South bad the 
spade Ace, doubled, and all 
passed. The opening lead was 
the diamond Knave-. 

Tf West keeps his mouth shut 
the declarer will win in dummy 
and run the Knave of spades, 
losing to the Queen. , Later he 
will get back to dummy and take 
another finesse in trumos. and 
East-West will contentedly score 
100 above the line. 

But in the tight of West's 
double, the declarer realised 
that West must, have both mis- 
s : n- • ■ honours, and that a 
trump endplay was. the only 
hope of success. For this to 
succeed. West ’ must hold a 
special hand pattern, namely 
3434. 

Winning the opening lead 
.with the Queen, the declarer 
cashed three top dubs and the 
Ace, King of diamonds. Then 
followed King of hearts. Ace of 
hearts, and a heart ruff — an 
essential move -to reduce the- 
number of trumps in the South 
hand — and the last dub was 
ruffed on the table — another 
essential move . to reduce 
dummy's triiznps. Now "'the 
Knave of spades ran to West's 
Queen, and West was endplayed. 
The forced trump. . return 
. allowed declarer to take the Last 
two tricks- 


VKtTEOmn) . 

Titmnan (Holland) v. Nunn 
(England). Wijk aan Zee 1982. 
A critical endgame between two 
grandmasters- who are currently 
both playing in the Phillips and 
Drew Kings at County .Haft, 
London. Nunn’s ftext- move as. 
Black forced immediate resig- 
nation. What did he. play, and 
why did White give up? 

PROBLEM No- 419 ■ 



none 7 mo 

This problem by, A. W’. Gel-'' 
itzky has been dubbed the * 
Mousetrap Puzde. With Black's, 
king as the mouse in. his hole.;, 
in the corner and . WfcitaV 
pieces as various -brands of 
cheese, what do you .puriiFthe 
trap to enable White-- to! mate ; 
in three moves,' against' r »ny;'v 
defence? r V 

. Solutions Page l8 












.Financial ;Times . Saturday April 17 19S2 • 


17 


HOW TO SPEND IT 


by Lucia van der Post 


Make yourself at home In the Office 



IF aH those pumttts who have been pre- 
dicting for years that one day we will all 
work at home connected to an our 
colleagues -hy com p uter 1 terminals turn 
out to bc^right then this -is the kind of 
office that I will be voting, for. The two' 
room-settings .. shown here above and 
below ..each use pieces from Johnny 
Grey's collection of furniture for the 
** Home . Office." As Is immediately 
: apparent all the pieces look aesthetically, 
quite at home. :in the domestic environ- 
ment yet all also serve the purposes for 
which, they were designed. 

In the photograph, above, there Is the 
kind of desk for those who go in for very 
large work surfaces arid good deep drawer 
storage. The top is made from solid' 
English ash* the feet' are hand-turned 
ash. whilst the main body is lacquered 
black. The drawer handles are turned 
red acrylic (a new and unique technique). 
It Is £2,752. The chair is one of the few 
items that are not a Johnny Grey design 
—it is the; Unifor chair from Italy. In 
the background is an .ash table specially 
designed to hold a Vi)U and it is £993. 
To its left is one . of the most versatile. 


. pieces of furniture In the range — it would 
look good in almost any room in the 
house. In a combination of solid ash, 
black lacquered frame and glass-fronted 
with red steel across the glass, it is £3,976. 

The lights are another Johnny Grey 
design — the shades . are in black spun 
metal, the central core in hand-turned 
ash and some of the supporting structure 
is red steeL There are both desk and 
standard versions, £179 and £416. 

In the pictnre below there is a trestle 
table which here offers a large working 
surface but it eould, if the household 
needs ever' changed, obviously double as 
a dining-table or any other sort of table. 
The top is veneered (the only piece of 
furniture in the collection to be veneered 
but in this case it is essential because 
being reversible and portahle solid wood 
would warp) and sits firmly on the trestles 
by means of four rubber lugs. The 
standard version (as pictured here) is 
£579, but the top can be ordered in any 
size for an extra charge. Tbe adjustable 
shelves in the background arc £861 and 
the filing cabinet (which takes suspension 
files) is £980. 



REGULAR readers of this 
page will already be acquainted 
with some ' of tbe work of 
Johriny Grey. I see that when 
I wrote ~ about his range of 
bedroom furniture for Heal's, 
•the London furniture shop, I 
described him as the enfant 
terriWe of the design world. 
Well, things don’t seem to have 
changed. He is still surprising, 
stimulating and infuriating the 
rest of the design world by 
his insistence on doing things 
his way; by refusing to adapt 
. bis designs to the sort of things 

- {hat it suits manufacturers to 
make. 

He has 'this old-fashioned 

- view that design should come 
first and that it is the manu- 
facturer's job to devise ways 

, 'of bringing it to life. Com- 
‘ panies which prefer to believe 
that the limitations of tbe 
manufacturing process should 
" dictate what he designs find 
' tins View .highly inconvenient. 

■ For those who are interested 
In his .whole philosophy and 
have the stamina to grapple 
with the sometimes dense and 
verbose prose, he has written a 
supporting manifesto “ In Place 
Of Afodetnism " which is avail- 
able on request I entirely en- 
dorse his views but wish he bad 
found a better editor. 

To' turn, however, ro the main 
focus of his activities — his fur- 
niture designs — he has now 
turned his attentions to what 
he calls the Home Office. The 
Home Office collection aims, he 
says, to "blur the distinction 
between the office and- the study 
at home, by fulfilling the func- 
tions of the office within the 
aesthetics of the living room." 

This, I think, he has achieved 
•to a remarkable extent. Look at 
the pictures here which illus- 
trate the individual pieces of 
furniture in the collection, all of 
which are designed to fulfil the 
functions of office furniture 
(storage, work surface, seating) 
and it is immediately apparent 
that they offer an aesthete 
appeal that is quite different 
from anything else that is cur- 
rently on the market Not every- 
body will like it, but It Is 
original, it does offer an alter- 
native aesthetic to tbe office 
furniture already on the mar- 
ket. - ’ 

' As Robin Guild, director of 
Homeworks, which has helped 
finance the making of the furni- 
ture and will display and sell it, 
puts it "These pieces have all 
the qualities that used to be 
associated with high-quality 
• British furniture but this is the 
first time I have seen them used 
: in an . original and- • modem 
idiom. For instance, the furni-' 
lure is made from solid wood, 
it is band-turned and finished, it 
uses' lacquering and metalwork 
and in terms of its finish harks 
back to the times when British 
furniture was known for its 
quality. 1 haven't seen this 
quality in anything except re- 
production furniture for years." 

The furniture is,- needless to 
say, not cheap but Robin Cuild 
points out that it is no more ex- 
pensive than top-level Italian 
furniture and it is certainly, in 
his. view, far belter made than 
most of that. 

The story of the passage of 
the furniture from design pad 
to shop floor is almost a parable 
of the problems facing the 
British furniture designer. 




What’s In a name? 


1 'OU MIGHT think that the 
-vnrld is well supplied with fine 
mrfumes and that it is even 
MMier supplied lor even over- 
urpplied?) with fine perfumes 
Kiarhed ro a designer's name. 
I'hr srcai cosmetic companies, 
umpvrr, rhmk otherwise. Spring 
s obviously perfume time and 
.n the Iasi, three weeks three 
warid. new.. scents,- 'all 'with a 
* Dapie "attached to them have 
landed oil my desk. 

There's Sophia {ladies first), 
after guess who. launched by 
"nty. From Qiaries of the Rinr 



COliiNGVOOD 

cf CGicuaaET . . . 

To ffliri fl)BicEiuiiEmsnfsc£ 

• ew we 

Wxfc JaptopUBS»0Onft0<l 
and modem nwlbyato , 
swnvj^^rfclpnew 

SUjianfee* cotnpwlopifiocy- 
ardimn«aatop3yaiBnt 

AdMuySHtnOiaaOSSOi 




there is Gianni Versace (who? 
—Gianni Versace, for those not 
In the know, is a modish Italian 
fashion designer), and finally 
from Helena Rubinstein comes 
Armani (after Giorgio Armani, 
another modish Italian fashion 
designer). .... 

All Throe tor sometimes the 
companies on their behalf) 
claim a dose and intimate in- 
volvement with the development 
of the perfume. 

Sophia Loren says : “ For me 
the discovery of this perfame 
was a beautiful experience, 
because it was created not just 
for me, but fur all women, I 
love the scent. It is a rich, 
classic essence that lasts but. is 
never obvious. It is constantly 
exciting to wear." ' . 

tboui Gianni Versace, the 
press release has ' this -to say-: 
-■ Acknowledged as the designer 
of the' 80s by the international 
Mirus of fashion. ; you (ie 
Versace) offer us today: your 
latest creation, orijdnahprecious 
and sophisticated : a perfume in 
which you have put so. much of 
Yourself that it bears your 
name : Gianni Versace." • . 

As for Armani, he wanted his . 
first fragrance "to be an elusive 
fragrance. A fragrance chat 


suggests and whispers many 
things but is. not aggressive, 
because if you have something to 
say and say it softly it has a 
more startling effect than if 
you shout it out." • 

So how did the "names ” come 
to be chosen? Sophia Loren is 
perhaps the most intriguing 
choice — Coty began by looking 
for an international film star. 
Sophia Loren came top on so 
many points that she became 
The natural choice-' As .the com- 
pany agreed to; give her 
approval not only of the per- 
fume, but also of its packaging, 
the posters,, the scripts' for the. 
commercials and all the other 
image-building ingredients she 
agreed (for an undisclosed 
royalty, rumoured already to 
have brought her in the region 
of £570,000 in the States) to the ' 
deal. 

Charles of the. Ritz are less 
specific about their choice of 
.Armani — they confine them- 
selves to saying that as a 
couturier “he showed tremen- 
dous promise for the 'future and 
he suited our image as a com- 
pany." He, top, , was closely 
involved with the development 
of the perfume arid much play 
is made of his influence over 


the “flacon"' — “Cut Kke a 
diamond, it shines forth a 
gleaming V for Versace.” As to 
the financial deals — the com- 
pany limits itself to the enig- 
matic comment that "he has 
an agreement with the parent 
company." 

Helena Rubins I e in are en- 
dearingly frank about their 
choice of Armani — “ There 
aren't any French designer 
names who don’t already have a 
perfume are there?" — but then 
go on to say that he is a big 
name in the Stales and in 
Germany. Women's Wear Daily, 
the bible of the American rag- 
trade quoted a S5m agreement 
but Helena Rubinstein says 
simply that it can’t disclose the 
terms. 

And apart from all that, what 
are the scents themselves 
actually like? . Very nice, all 
three. My personal favourite 
is Armani (£54-an ounce for ihe 
perfume itself), followed by the 
Gianni Versace (£50 for 30 ml) 
and. finally, Sophia (I found ira 
liirle sweet and doyTng for my 
personal taste) hut at £8.95 for 
7.5 ml it is. quite a bit cheaper, 

Armani , is- not on sale until 
May 3 but the other wo are 
already in tbe shops. 



In the photograph, above, there Is 
another group of furniture from the 
“Home Office" range.. This time a 
circular (able which, obviously, could 
also double as a dining-table. In solid 
ash, with hand-turned base and feet, it 
is just one of a series of circular tables 
— some have wooden subframes, others 
have metal ones. The tables start at 
about £1.700. The chairs shown here 


with the table are in ash with upholstered 
seats (though there are also similar 
versions with ash seals) and they are 
£342 each. 

The three photographs on this page 
can only show some of the collection 
hut there are many other items lip it — 
there’s a drinks cabinet (sign of the 
times!) with or without a fridge, con- 
ference tables, a home study desk 


(which I suspect will probably be the 
most successful piece in the collection) 
as well as a plan chest, with or without 
a light l»ox, and a whole series of small 
tables. The complete range can he seen 
ar Homeworks. Anybody wanting to 
contact Johnny Grey himself either for 
catalogues or further information should 
wrile to him at 9, Abingdon Road. 
London W8. 


Johnny Grey couldn't find a 
single manufacturer who was 
prepared to make his designs. 
Either they didn't have the 
manufacturing capacity oc they 
found the designs too novel for 
fheir -taste or they were simply 
nor prepared to pul up the 
necessary finance. 

It is the kind of story that 
seems not to . happen in places 
like -Italy where every manu- 
facturer of note seems delighted 
to attach a designer’s name to 
a range (cf Offredi's .designs for 
Saporiti, . ■ Magistrate's for 
Cassina). /Manufacturers are 


keen to underwrite the talents 
of these designers and do not 
expect one in-house designer to 
produce the entire range. Here, 
it seems, designers can’t wait 
to be employed by indust ry but 
have to be prepared to go out 
and organise the manufacturing 
as well. 

Many of the skills and tech- 
niques that Johnny Grey needed 
if the lumiture was to live up 
to his ideals were not easily 
found. For instance, turning 
the acrylic handles was a new 
technique which Stanley Plas- 
tics agreed to explore for him. 


Three different wood-working 
workshops do - the cabinet 
making and -then there ara 
other workshops which do the 
lacquer and metal-work. All of 
them were prepared to give the 
kind of attention to detail that 
contributes to the final quality 
of the furniture. 

In the end. Robin Guild. 
Johnny Grey and the various 
workshops that make up the 
co-operative responsible for 
making the furniture, provided 
the finance themselves. This 
way the risk has been spread 
■and everybody feels committed 


to its success. 

As to the outcome of all this 
effort — it can be seen at Home- 
works. Dove Walk, 107 Pimlico 
Road, London SW1. Interested 
readers can write to Home- 
works for a free leaflet 
describing the range. There is 
also a fuller catalogue which is 
available for £2. refundable if 
anything is ordered. 

I urge anybody who thinks 
that British furniture is sterile, 
undesirable and at a dead-end 
to go and have a look at this 
new range. 


k Cj^ 



JJL ^ 




A FINANCIAL TIMES CONFERENCE 

The Seventh 



London: 29 & 30 April,! 982 

The distinguished panel of speakers will include: 


The Rt Hon 
Norman Tebbit, jmp 

Secretary of State for. 
Employment 

Tlte Rt Hon 

Mrs Shirley Williams, mp 

Member of the Social 
Democratic Party 

Mr J E Mortimer 

Genera] Secretary Designate 
The Labour Parly 
Former Chairman, ACAS 


Mr Waiter Goldsmith 

Director General 
Institute of Directors 


Mr J P Lowry, cbe 

Chairman 

Advisory, Conciliation and 
Arbitration Service (ACAS) 

Professor Lord Wedderburn 
of Charlton 

Cassel Professor of Commercial 
Law, London School 
of Economics 


TheSeventh 
Industrial Relations 
Conference 


To: Financial Tunes L'mtted Conference i _ 

Minster House, Arthur Slreet, London EC4R < 

Tel: 01-621 1355 Telex: 27347 FTCONF G Cables FINCONF LONDON 

Ptease.send me further details of fhe Seventh Industrial Ffeiafions Conference; 


Name. 



Company. 
A FINANCIAL TIMES Address- 

conference: 


-Tefc. 




18 


Financial Times 


171982 



ARTS 


Easter radio 


BY B. A. YOUNG 


What a lovely time the BBC 
gives Lis regular coo cribu tors ! 
For his Easter Day offering, 
Derek Cooper of The Food Pro- 
gramme went with a wine- 
mercbant, Jack Hill, for a tour 
of the Bordeaux wine country. 
The magic names floated 
through the speakers — Haut- 
Brion. Lafite. La tour. Mouton- 
Rothschild— and Jack Hill told 
how he would decide what to 
huy. He was not giving advice 
to listeners: he was making his 
own professional judgments. 
Wc shall know how right or 
wrong they were when the 
wines appear tor don’t appear) 
in the wine-merchant's shops. 
Until then, we must assess his 
approval by the sound of his 
slurping, the tone in which he 
spoke of fruit body or the 
colour of the meniscus. 


American radio, which . as 
everyone knows consists of 
nothing but news, pop and 
advertisements. How wrong 
everyone is! I heard a record- 
ing of Die Entfuhrung aus den t 
Seratl from the Met with an. 
absolutely superb performance 
by Edda Moser; and in one of 
the intervals an entertaining 
“Opera quiz" in which one of 
the contestants was our own 
William Weaver. All sponsored 
by Texaco. 


Frank Delaney bad bis Book- 
shelf holiday in Paris with the 
idea of conjuring up the spirit 
of the post-first-world-war days 
of Hemingway. Gertrude Stein, 
James Joyce and the rest. He 
met Maria Joins, widow of 
Eugene Jobs who published 
Trajwifiorz. She was lovely, but 
not universally kind. Not very 
keen on Ezra Pound {“ arro- 
gant "1 or Miss Stein (“ aggres- 
sive. egocentric ’*), but devoted 
to Joyce. 


Frank Delaney's guide to 
modem French books was Ivan 
Nabokov, the other Nabokov, 
the publisher, who told him 
that only half the French popu- 
lation ever bougbt a book at 
all: when they did, it was prob- 
ably a Goncourt winner. On 
the other hand, the waiter at 
Les MillefeuiUes who served 
such big helpings of cake, said 
that lots of people bought 
comic-strip books. Eheu, 
iugaces . . . looking for cafe 
faces in the post-second-world- 
war days I only scored Sartre 
and the American composer 
Ned Rnrem. but I didn’t have 
the BBC behind me. 


On Monday, Radio 4 gave us a 
pretty story for children by 
Mary Hayley Bell, The Winged 
Boy, that I probably shouldn’t 
have listened to if it hadn't been 
transmitted- in binaural sound. I 
put on my stereo headphones as 
Radio Times told me, and was 
periodically startled to hear 
doors opening and shutting be- 
hind me that did not actually 
exist. The story concerned a 
poor Irish boy who grew wings 
and learned to fly, an -ability 
that deserted him when he -was 
persuaded to try It in a circus, 
but ultimately ensured him im- 
mortality like the cherub in the 
stained-glass window. Someone 
must tell me the difference be- 
tween “ binaural ” and “ stereo,” 
which seem to me the same 
thing, at our end of the trans- 
mission anyway, whatever 
they're doing in the studio. 


Brian Johnston was Doirn 
Your Way down my way, in the 
Cotswolds. What serious folk 
he met in Fairford, where they 
are still proud of the Con- 
corde! Their chosen records 
included Beethoven’s Pastoral, 
Albinoni's popular andante, the 
rondo from Mozart’s piano 
sonata K33Z (played on guitar 
and vibraphone). I didn’t like 
any of them as well as tbe old 
record of Maxine Sullivan sing- 
ing “ A brown bird singing.” 


We could have - done with 
some stereo in Saturday-Night 
Theatre’s Appleby’s End, to sort 
out some of the complexities of 
Michael Inhes’s comedy-thriller, 
rendered no less complex by 
Michael Bakewell’s adaptation. 
John Hurt as Detective- 
Inspector Appleby was an un- 
expected but happy bit of cast- 
ing, though as he was almost 
the only normal character 
among -an array of bizarre folk 
with names like Heyhoe, Rain- 
bird, Hoobin and Grope he 
couldn't hope to do much more 
than he an averagely efficient 
but rather bewildered officer. 
Of the grotesques, I 
enjoyed Christopher Douglas's 
Billy Bidewell. Jane Morgan 
directed. ' 



Derek Griffiths 


The Nerd 


BY B. A. YOUNG 


I was straying among the 
familiar programmes to re- 
orient myself after a week of 


Half an hour’s nightly Cham- 
ber Jazz on Radio 4 at 11.30 pm 
was welcome, even if only be- j 
cause it wasn’t on Radio 3, j 
which already had Jazz Record j 
Requests, Benny Goodman and 
Friends, Jazz in Britain, Jazz 
Today and Take It, Prezarmi in 
the weds. But why- “ the heat 
small groups ot the last 40 
years” when you have to go 
back more ttian 50 years for the 
crime de la crime? 


Larry Shue’s The Nerd was 
spotted by Bnrbam Murray at 
the Milwaukee Rep and brought 
back by him to direct at the 
Royal Exchange. Manchester, 
it uses the familiar formula .of 
so much American comedy, the 
.stable household invaded by the 
disruptive influence that may 
be Sheridan Whiteside and may 
be just a nerd. The Exchange's 
programme will tell you what a 
nerd is. but briefly, it is what 
it sounds like. The stable house- 
hold in this piece consists of 
three people living together but 
apparently not cohabiting. 
WLMum (David Horovitch) is an 
ambitious young architect, 
working on hotel plans for 
authoritarian philistine Air 
Wald grave. Axel (Gary Wald- 
horn) is a theatre critic, who 
wears a tuxedo to opening 
nights; the play is set in Terre 
Haute.- where no doubt critical 
behaviour is more erlstocntlc, 
Trnsv (Sheflev Borknm) is a 
career grri intent op making a 
career as. the weather-girl on 
Washington television. 

The intrusive nerd is Rick, 
unknown to all of them but 
WiHiun, whose life be is said- to 
have saved years before in Viet- 
nam; He is a figure- of- the 
wildest' farce, who makes his 


first entry in an octopus cos- 
tume under the impression he 
has been asked to a fancy-dress 
party. Derek .Griffiths bestows 
on him all his manifold gifts of 
comedy without restraint, mak- 
ing Mr Shue's situations almost 
seem funny. They’re culled from 
a repertory ihat always has been 
funny, and lightly lubricated 
with Neil Simon-siyle one- 
liners, so I must attribute my 
reluctance to laugh to over- 
familiarity. 

Rick's- antics, which are 
countered by Willum and Axel 
with the aid of an unnecessary 
offstage figure called Kemp and. 
a great deal of electronic sound 
ultimately turn out to be purely 
beneficial. Wrllura’s contract for 
a hotel that looks like a shoe- 
box is cancelled, and Willum is 
stimulated into renewed court- 
ship of Tansy: Axel— hut I 
mustn't say more ebout Axel, 
who proves to be the deviser 
of a surprise endin'* That srv- 
• eests no more than that Mr 
Shue had come to the conclu- 
sion that he must end the - play 
somehow, and hot a moment too 
soon if you ask me. 

For what its worth, .it’s 
nicely played in a middle-class 
sitting-room furnished by 
Johanna Bryant 


Hungarian rhapsody 



BY DOMINIC GILL 


Under the firm but 
unobtrusive leadership of J&nos 
Kadar — the most notable of 
whose many political distinc- 
tions is that he is perhaps the 
only one ‘ of today's communist 
leaders who. might be re-elected 
in a genuinely free election — 
Hungary^ “ new ’ .economic 
mechanism ” of the past decade 
has brought to fruit a market- 
oriented brand of socialism 
unique in the Eastern bloc. 


The keyphrase of this 
remarkable path of social and 
economic progress has been 
Steady but Sure.- Since 1956, 
any hint of sudden change of 
direction has been scrupulously 
avoided: and where it has 
occurred elsewhere in the East, 
it has been viewed by and large 
in Hungary with pessimism and 
alarm. Given time, Hungarians 
constantly remind one, time is 
on their side. Unspectacular 
but steady growth in farm pro- 
ductivity, for example, during 
the 1970s has transformed the 
country into a net exporter of 
foodstuffs in the 19S0s for the 
first time since the war. Prices 
of luxury goods, for Hungarians, 
are high: but the goods are 
available, and shops are plenti- 
fully stocked. Occasional short- 
ages l last year, picture-pins and 
toilet-paper: this year, paper 
handkerchiefs and cartons of 
fresh orange juice) may be 
infuriating to live with, but 
they are -the exception rather 
than the rule. 


for its autumn “Music Days,” 
and also for .the enterprising 
little festival of contemporary 
music — the Konink senije, or 
“ Music of Today” — presented 
under the same.iunbrella, which 
1 have reviewed, regularly on 
this page. There, although 
foreign visitors, are naturally 
welcome, the accent is primarily 
on domestic consumption. But 
Budapest’s new Spring Festi- 
val, an annual event unveiled 
for the second time this year 
under the somewhat cumber- 
some banner of “Tourism and 
Culture for Mankind,” is prin- 
cipally and explidty a tourist 
attraction. 


In the space of 10 days it 
offers the foreign visitor a. 
dizzying variety of cultural 
programmes, with the emphasis 
very much on mark, schilling, 
pound and dollar exchange: 
excursions (by .boat up the 
Danube, and to the- surrounding 
towns and . countryside); 
exhibitions (of paintings, 
ceramics and scalp tore, includ- 
ing a fine show by the sculptor 
Amerigo Tot in the gallery of 
the newly-restored_ Vigado)T 
theatre, . dance and puppet 
shows; ah international festival 
of cinema; special regional 
gastronomic menus in most of 


occasion better. Apart fnmj 
puppet performance of Horif 
Janos, and a public session of 
the international Kodaiy 
Society, this choral event was 

the only concert of the festival 
which prominently featured 
Kodaly's music.) 

I was delighted above all to 
have the opportunity to hear 
live in recital for the first time 
one of mv childhood heroes-on- 
disc. the pianist Gyorgy Cziffra. 
It was not an auspicious ocea- 
-sion r for only a- few weeks 
. before his Budapest appearance, 
Cziffra had suffered the tragic 
-accidental -death in France of 
his son (a distinguished young 
conductor, also named Gyorgy, 
with a promising career ahead 
of him). It was a brave gesture 
in the circumstances to continue 
. with the recital: but in an 
announcement beforehand he 
begged our indulgence for what 
he felt would -be inevitable 
shortcomings. In fact, there was 
none: .a sparkling display of 
grand-romantic pianism of the 
most ravishing kind, wonder- 
fully-stirring, touched only from 
tlmpj to time with colours of 
the darkest melancholy, deeply 
moving. 

Like Richter, -Cziffra now 
plays a Yamaha concert grand 


extraordinary in every respect, [ 
wrought from spnmg*te& mid j 
taken at the, same insanely 
exciting tempi one remembers 
from too discs; of the second 
Hungarian ' Rhapsody. -Cziffra 
has not played in. England' for 
well-nigh a dozen is 

our loss. add should be^teme- 
died very Soon. , 


In such a context — where 
“ revitalisation,” rather than 
“ reform," is the chosen and 
much-reiterated- word — it 
could hardly be imagined that 
Hungary would ignore the 
potential of tourism (next to 
oil. after all, the world's second 
largest industry). A picturesque 
setting on the banks of the 
Danube, a famous concern for 
hospitality and courtesy, lively 
cultural traditions, a profusion 
of spas and thermal baths, and 
especially a geographical loca- 
tion. poised, at tbe very centre 
of Europe, between East and 
West, all serve to make Buda- 
pest as natural a staging-post 
as Vienna for visitors travelling 
in either direction.. 

During the past five years 
tourism has indeed become one 
of -the Hungarian capital’s major 
industries, and -a significant 
hard-currency earner. During 
1981. nearly 15m tourists visited 
or passed through the country, 
nearly all through Budapest — 
an extraordinary figure, set 
beside the. nation’s . total 
population of only 10 Jm. • 

The city is already notable 


Budapest 9 s new Spring Festival provided 
‘the opportunity to hear live in recital one of 
my childhood heroes-on-disc, the pianist . 
Gyorgy C&ffrtf • 


the main restaurants around 
town. Hungary’s most enduring 
contributions to international 
culture, nonetheless, beyond 
tbe barriers of language, have 
always been musical; and it was 
right that concerts and recitals 
should have taken toe centre of 
the stage. 

If 1 had stayed longer, and 
had been able to visit at least 
four places simultaneously — 
for the schedule proposed 
around 20 events, usually 
mutually exclusive, every day — 
I could have beard Haydn’s H 
ritomo dl Tobia, half a dozen 
organ recitals, a dozen each of 
chamber and orchestral con- 
certs. the splendid Hungarian 
Radio Children's Choir, and a 
programme of choral works by 
Kodaly. (1982 is tbe centenary 
year of Kodaly’s birth, and it 
seemed strange that the 
organisers had not siezed the 


at his public performances: a 
small er-scale sound than the 
Steinway’s, but sweet-toned and 
Intimate,- nicely suited to the 
domestic acoustics • of the 
Vigado. Just one habit, of 
looking up and nodding at- the 
audience before the last notes 
of each piece had died away-^- 
visual equivalent of clapping 
before the piece has finished— X 
found irritating. But the 
authority and command of the 
playing, while it lasted, was 
irresistible. 


In his first half Cziffra gave 
us nearly 1 $ hours of music; a 
huge sequence of Liszt and 
Chopin, framed by Liszt’s B 
minor Ballade, grandly 
sonorous, and a Chopin Bar- 
carolle of marvellous, unstop- 
pable momentum. His last half 
he reserved for “encores”: toe 
two Liszt arrangements of 
Chopin songs, and an account, 


Another- piano redtM; : £fren 
by the winner ' of year’s 
Liszt-Bartok PiAno - COOKtetition 
in Budapest,' -merely; -Added 

weight ti> the swwwto'case 

against all music ttotaaedtoms 
in general. Horfen&e^ Cartier- 
Bresson (greai-meca - ~-of toe 
■ photographer) may'.fcSTO - wdn 
her prize: but she is & pianist! 
of no . kind of public : musical 
calibre. Her recital was .s small- 
scale. tentative affair, ■ good 
student stuff that showed scant, 
trace of genuine original percep-i 
tion. ... 

Much more satisfying;- one 
guessed. to have spent toe even- 
ing with Leningrad's Esperantol 
Theatre- anti their new pro&uc-l 
tion (in Esperanto, no less, for! 
this is a matter of serious inter--: , 
national concern) of a play: 
entitled Does God Bark? • or . 
indeed to have sampled another: 
regional round . of 1 Austro- 
Hungarian ctosine. A word- of 
caution here. Eating out- in 
Budapest is beset with- pdtJails,- 
but it is worth persevering.. ' 
Many classic dishes, especially: 
in the better-known arid , more. ; 
expensive restaurants, can' be,| 
barely recognisable: toe famous : 1 
cold cherry soup indistingiush-* 
able from Eden Value jrogfaourt; i 
delicious fresh fogas fish from;, 
Lake Balaton too often grftled£ 
to a chewy crisp. Beware any-.;- 
tiling but local cheese (a tuft 
beware that too): "Roquefort”; 
is a euphemism for a small pilej 
of very old and very finely i 
grated Danish Biue. 

In the smaller, vastly cheaper 
(and occasionally privately- 
owned) . restaurants . off ; the 
beaten track, however, there are 
still many happy discoveries to 
be made. Rich, spicy fidh srng>, 
pungent with saffron- and garlic, 
is. a meal in itself (soups every- , 
where, in a country that has 
not yet accepted stock-cubes,; 
are generally excellent). And 
TurGs esusza, bizarre dessert of 
cold . noodles, white cheese, sour 
cream and pork crackling, b 
actually much . more, delicious 
(if not less surprising) thar 
it sounds. But lake ,an inter 
prater or a Hungarian friend; 
-.where the .best cooking is ( 
neither the menu nor the staff] 
speaks English: - 


F,T. CROSSWORD PUZZLE No. 4,849 


A prize nf £W trill be given to each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crussicord in the lop left-hand comer, of 


the envelope, and addressed fn the Financial Times.- 10, Cannon 
ilrcct. London. EC4P 4BY. Winners and solution trill be given 


next Saturday. 


Name 


Address 



ACROSS 

1 American city right for a 
literary artful person 16 ) 

4 Pristine, and of Ihe highest 
quality, but with little value 
»S) 

10 Finished knitting laid aside 
14-3) 

11 Perplex no mure in Pans 

17) 

12 A foolish person to attack 
l4i 

13 Adequate slock and trans- 
port for il (5-5) 

15 Scanty silver in a pool ( 6 ) 

1G Discharge a bank clerk hold- 
ing money, that's right 17) 

20 Careful examination of 
'South .American country's 
state (7) 

21 Article I severed in a dam 
16) 

24 Tolerates work in the gar- 
den, but comes to a complete 
slop ( 10 ) 

26 Shellfish left in river (4) 

28 Mount, holding a toffee (7) 

29 A refreshing drink for 
reviving the spirits (7) 

30 One who builds an annexe 
without contract (S) 

31 Indian sen-ant or messenger 
( 6 ) 

DOWN 

1 Cards or quoits? (4-4) 

2 I box in lime, but it’s 
unequal (9) 

3 Bone broken in a tree C4) 

5 Telephone twice for an old 
portable timekeeper . . . 
14-4) 


6 . . and a feature of a 

modern timekeeper held by 
small worker (64) 

7 Wicked in- state house (5) 

8 Going too slowly,- but 5 
wouldn't be, although 6 may 
be ( 6 j 

9 A measure that’s forth- 
coming (5) 

14 Aircraft mechanic prevents 
flying with a soldier ( 10 ) 

17 Longfellow's strange device 
going onward and upward 
(9) 

18 Prison, to the time of being 
put in headquarters ( 8 ) . 

19 Blunderer taking a glass 
from the south ( 8 ) • 

22 Spirit beloved by Eros ( 6 ) 

23 Loose bits of coal (5) 

25 Evil demon making a mix- 
ture of materials for produc- 
ing glass (5)' 

27 Unusually bare Scottish hill- 
slope (4) 


Solution to Puzzle No. 4,848 

Mil 



regions: Sport/Regional News. 

6.25 am-3.10 pm Open Univer- 
sity. 


ANGLIA 

9.00 am Sesame Street. 


10.00 Sport 


BBC 2 


ipc 

Billy. 10.25 Thundaibirds. 11.20 Tar- 


Morning Picture Show: “• Raid on Rom- 
mel.” 5.45 pm." The Incredible Hulk. 
- 11.00 Bizarre. 11.30 Star Parade. - 


RADIO 1 


f Indicates programmes 
• in black and white. 


BBC 1 


£25-8.55 am Open University - 
(Ultra High Frequency only): 
9.05 The Do-It-Yourself Film 
Animation Show. 9.30 Get Set 
for Summer. +10.55 Days of 
Thrills and Laughter .(Film, 
1961). I2J27 Weather. * 

12^0 pm GRANDSTAND Includ- 
ing 1.00 News Summary: 
Football Focus (12.25); 
World Ice Hockey Cham- 
pionships (1.05); . Rugby 
League “ Top Try ” Competi- 
tion (1.40): Racing from 
'■ Newbury (1.55); 2.00 

Bucklebury Maiden Fillies 
Stakes; 2.30 Clerical. Medi- 
cal Greenham Stakes. 3.00 
Newbury Spring Cup Handi- 
cap, 3.30 John Porter Stakes: 
Badminton Horse Trials, the 
Whitbread Trophy: Inter- 
national Swimming from 
Blackpool (4.35). 

5.05 The All New Pink 
Panther Show. 

' 5.25 News. 

5.35 Spotlight Sport. 

5.40 The Dukes of Hazzard. 
6.30 Pap Quiz with Mike Read. 
7.00 Ken Dodd's Showbiz (last 
in series). 

7.35 Saturday Film: “The 
Greatest Show on Earth ” 
(1952) starring Betty 
Hutton, Dorothy . Lam aur. 
Charlton Heston. 

10.05 News and Sport. 

10.20 Match of the Day. High- 
lights of two Football 
League matches, analysis 
and interviews. 

L20 Pearl. Spectacular three- 
part drama about the 
days which led to 
America's entry into 
World War II, starring 
Angie Dickinson, Robert 
Wagner. 

12.50 ara-12.55 Weather. 

REGIONAL VARIATIONS: 
Cymru /Wales — 5-25 pm. -5. 40 
Sports News Wales. 

Scotland — 9.00 am-9.30 Mag Is 

Mog. 5.35 pm-5.40 .Scoreboard. 
10 . 20 - 11.20 Sportscene. 12.50 am 
Weather; Scottish News Sum- 
mary and Weather. 

Northern Ireland— 3.10 pm- 
3.45 Rugby Union. 455-5.05 
Scoreboard. 5-35-5.40 Northern 
Ireland News. 12JS0 am Weather; 
Northern Ireland News Head- 
llnes. ’ ' , 

England— 5.35 pm-oAO South- 
West (Plymouth): Spotlight 
Sport— Regional results and 
reports. All other English 


f3.10 Saturday Cinema: ” Boom 
Town ” ( 1940) starring 
.Clark Gable. Spencer 
Tracy, Claudette Colbert, 
Hedy Lamarr. 

5.05 Badminton Horse Trials. 

6.05 The Full Cost? 

6.35 Did You See...? 

7J5 News and Sport. 

7.35 Washington: Behind 

Closed Doors. A fictional 
series about those who 

. use and abuse power 
starring Jason Robards, 
Stefanie Powers. 

9.20 The Other Tour. 

10.10 Man Alive: ' One of the 
Family. A look at life 
far those who live and 
work in stately homes. 
1L05 News, Weather. 
flL10-1.10 am The Films of 
Orson Welles: “ Citizen 
Kane” (1941), also 
starring Joseph Cotton, 
Agnes Moorehead. 

Dorothy Comingore. 


BORDER 


9M am Untamed World. 10.05 Tar- 
zan. 5.45 Chips. 7.45 Film: Murphy’s 
War. 9.45 News and Border Weather. 
T1.00 The Streets of San Francisco: 
The Thirty-Year Pin. 


CENTRAL 


(S) Stereophonic broadcast. 

5.00 am As Radio 2. 7.00 Wake up 
to the Weekend. 8.00 Tony Blackburn's 
Saturday Show. , 10.00 Paul Burnett. 

1.00 pm Adrian Juste fS). 2.00 A King 
in New’ York (S). 2.05 Paul Gambac- 
cini (S). 4.00 WallBrq' Weekly (S). 

5.00 Rock On (S). 6.30 In Concert (S). 


9.20 am Sesame Street. 10.20 Falcon' 
Island. 10.45 Stingray. 11.15 Otf the 
Record. 11.45 International Bowls. 5.45 
Chips. 7.45 Saturday Cinema: ’* March 
Or Die,” Gene' Hackman. 11.00 Bizarre: 
Hosted by John Byner. 11.30 Johnny 
Mathis in Concert in Germany. 


RADIO 2 


CHANNEL 


5.05 pm National Naws -followed by 
Channel Islands Weather Summary. 
5.15 Puffin's Pta(i)ce. 520 The Brady 
Bunch. 5.45 Sale of the Century. 6.15 
Mr Marlin (Pilot}. 9.45 National News 
and Sport tallowed by Channel Islands 
Weather Summary. 11.00 Bizarre Epa 13. 
11.30 Video Sounds Q-Tips. 12.00 
Thai’s Company Baby Sitters. 12^5 
Weather. 


5.00 em Tony Brandon (S). 6.05 

David Jacoba (5). 10.00 Sacha Distal 
(S). 11.02 Sports Desk. 11.03 Sieve 
Jones (S). 1.00 pm The News Hiidd- 
lines. 1.30 Sport on 2: Racing from 
Newbury: 2.30 Clerical Medical Groan- 
ham Stakes. 3.00 Newbury Spring Cup. 
3.30 John Portar Stakes. Football. 
Swimming. 6.00 Sports Report. 5.45 
Classified racing and football ' results. 

6.00 Country Greats In Cancan Featur- 
ing Moa Bandy. 7.00 Jazz Score (new 
senes). 7.30 Big Band Special (S). 

8.00 Saturday Night is Gala Night (S). 

10.00 Nardring 81 (S). 11.02 Sports 
Desk. 11.10 Pete Murray's Late Show 
(S). 2.00-5.00 You and the Night and 
the Music (S). 


GRAMPIAN 


RADIO 3 


LONDON 


9415 am Sesame Street 10.30 
Cartoon Time. 10.45 The Adven- 
tures of Black Beauty* 11.15 
Space 1999 . . . The Full Circle. 
12,15 pm WORLD OF SPORT: 
12.20 On the Bali. 12.45 
Rallying. 1.00 Motorcycling 
— The John Player Inter- 
national 250 cc Champion- 
ship. from Donfrigton. 1.15 
News. 1220 The I TV Six 
from Ayr and Tbirsk, S.10 
Motor Cycling— The World 
or Sport Superbike Chal- 
lenge, from Donington. 3.45 
Half-time Soccer News and 
Reports. 4.00 Wrestling 
from Bolton. 4.50 Results. 

5.05 News. 

5.15 Worzel Gummidge. 

5.45 Buck Rogers in the 25th 
Century . . - The Time of 
the Hawk — Part I, star- 
ring Gil Gerard and Erin 
Gray. 

6.45 3-2-1 . . . Egypt, presented 
by Ted Rogers. 

7.45 The Assassination Bureau 
starring Oliver Reed, 
Diana Rigg. Telly Savalas 
and Curt Jergens (196S). 

9.45 News 

10.00 Arthur Lowe in Car Along 
the Pass. 

1GJ50 Oil for En eland. 

1L30 News Headlines followed 
by Johnny Carson's To- 
night Show. 

12.10 Adult Continental Movie 
Seven Suspects for 
Murder, starring' Michele 
Morgan. and Serge 
Reggiani (1975). 


9.10 am Fsngtace. 9.30 The Flying 
Kiwi. 10.00 Tarcan. 10-50 Welcome 
Back Kotter. 9.45 pm ITN News Fol- 
lowed by Atea Weather Forecast. 11.00 
Reflections. 11.05 Thriller Tha Car- 
- notion Killer." 


GRANADA 


9JB am Watch li« Tha Flying Kiwi. 
9.50 The Undersea Adventures of Cap- 
tarn Nemo. 9.55 Sport Billy* 10.15 
Sesame Street. 5.45 Chips. 7.45 
Murphy's War. 10.00 Coronation 
Street. 11.00 The Star and the Story. 
11.30 Two Mules tor Sister Sarah. 


HTV 


7.55 am Weather. 8.00 News. 8.05 
Aubade (Sj. '9.00 News. 9.05 Record 
Review I5J. 10.15 Stereo Release (S). 

11.30 Bandstand (SJ. 12.00 Haydn 

Stm" Cp'-nen (S). 1.00 pm News. 

I. CS !>rfv Music Forum (S) . 2.00 The 

Symphonies ert Mahler (S). 4.15 

i'-t. gen ol Debussy fS). 5.00 Jazz 
F eint Requests (S). 5.45 Critics* 
Forum 6.35 Dorati Conducts fS). 7.20 
Tha Harshness ol Tima. 8.05 Doran 
Conducts fS) 9.00 Elective Abilities. 

9.30 Chopin (5) 10.00 BBC Scottish 

SemDhony Orchestra (SJ 11.00 News. 

II. 06 - 11.15 Artur Schnabel plays 
Beethoven: record. Medium Frequency/ 
Medium Wave Only : 11A5 pm-3.30 »m 
Russian Orthodox Easts* Vigil. 


9.55 am The Adventures or Black 
Beauty- 10 JO Sesame Street. 12.13 pm 
HTV News. 5.15 HTV News. 5.45 
Hawaii Five-0. . 11.00 The Palace Pre- 
sents. 12.00 Weather. 

HTV Cymru/ Wales. As HTV Want 
except: 9.55 am-10.20 am Razzmatazz. 
5.15-5.45 Sion a Sian. 


RADIO 4 


SCOTTISH 


920 am Vicky Viking. 9 AS Thunder- 
birds. 10J5 Saturday morning picture 
shew. 5.45 Chips. 11.00 Bizarre- 11-30 
Late Call. 11.35 The Streets of San 
Francisco. 


TSW 


9.05 am Whoolie and the Chopper 
Bunch. 9.30 The Saturday Shaw. 10.30 
The Incredible Hulk. 11.20 Sport Billy. 
12.12 pm TSW Regional News: 520 
The Bredy Bunch. 5.45 Sale ol the 
Century. 6.15 New Series : Mr. Merlin. 

11.00 Bizane. 11.30 Video Sounds. 

12.00 Three's Company. 12-35 am Post- 
Script 12.30 South V/a st WsaUier- and 
Shipping Forecast. 


TVS / — 

B.1B am Saturday Brief. '5.20 Sesame 
Street. 10.20 Sport Billy. 11.4& Film 
Fun. 5.15 pm TVS -News. . 5J50 The 
incredible Hulk. 11.00 The Two ol 
Ua. 11J0 Star Parade. 1220 am 
Company. 


TTV 


6.25 am Shipping Forecast.. 6.30 
News. 5.32 Farming Today. 5.50 
Yours Faithfully. 6.55 Weather: Travel; 
Programme Naws. 7.00 News. 7-10 
Today's Papers. 7.15 On Your Farm. 
7.45 Yours Faithlully 7.50 It’s ■ 
Bargain. 7.55 Weather; Travel: Pro- 
gramme News. 8.00 News. 8.10 

Today's Papers 8.15 Sport. 848. 

Breakaway. 8.50 Naws Stand. 10-05 

Talking Politics 10-30 Daily Service 
(S). 10.45 Pick ol the Week (S). 11.35 
From Our Own Correspondent. 12.00 
News. 12.02 pm Money Box. 12-Z7 
I'm Sorry, I haven't a clue (S). 1235 
Wftather; Programme News. 1.00 News. 
1.10 Any Questions’ 1,55 Shipping 
Forecast. 2.00 News. 2J0S Thirty 

Minute Theetre. 2.35 Medicine Now. 
3.06 Wildlife. 3 JO The British Sea- 
farer (S). 4.15 The Dragon and the 

Bear. 4.30 Doss he taka sugar? 5.00 
Peter as Pilgrim (S). 5.25 Weak end- 
(ng .{S). 5.50 Shipping Forecast. 5.56 
Weather: Travel; Programme News. 8.00 
News. Including Sports round-up. 8.15 
Desert island Discs (S). 6.55 Stop 

the Week with Robert Robinson (SJ . • 
■7.35 Baker's Dow* (S). &.30 Satur- 
day-Night -Theatre (S). 9.45 Lenar 

from the Islands. 9.58 Weather. 10.00 
News. 1.15 Something to Declare. 11.00 
Lighten Our Darkness. 11.15 Stop' the 
Weak with Robert Robinson (S). 12.00 
News: Weather.. 12.15 am-12^3 Ship- 
ping Forecast: Inshore Waters Fore- 
cast ■ 


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0300003 aannanQ 

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aHEH □ PE 0 □ □ s a 


SOLUTION AND WINNERS 
OF PUZZLE NO. 4J44 _ 


Hr R. Gedilng, 27 Wallace 
Fields, Epsom, KT1 7 3AX. 


00 U 

0 3 

□Q 0 
0 □ 
030 
O E3 


Mr F. Vander Steen, 24 Wend- 
over Court, Lyndale Avenue, 
London, NW2 2PG. 


Mr Thomas McLaughlin, Eas- 
dale, Blairgowrie, Perthshire. 


a '0 • 

□□30 
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' 9.00 am Story Hour. B.B5 Cartoon 
Time. 10.05 Joe 90—" The Big Fish." 
10.30 Saturday Morning Movie ''Dimen- 
sion 5”. 12.13 pm North East News, 

5.15 North Bast News. G.45 Chips. 

11.00 The Monta Carlo Show^-Liberace. 

12.00 House CalFs. 1230 Three's 
Company. 


ULSTER 


10.00 am Sesame Sunou 11.00 The 
Flying Kiwi. 11.25 Thundetbirds. 5.13 
Ulster News/- 5,45 Chips. 9.59-LHster 
Weather. 11.00 BaiViey Miller. 11.30 
News et Bedtime. 


YORKSHIRE 


9.00 am Here's Boomer. MO 
Thundorhirdr. 10.10 The Adventures Of 
Black Beauty. Ifc35 The Saturday 


CHESS S0LUTI0N5 
Solution to Position No. 419. 

1 . . . P-R 6 and White -re- 
signed. If 2 RxP r QxP ch; 3 
K-Rl. Q-B 8 ch wins. If 3 R-N3 
ch. K-B5; 3 K-Nl, Q-KS ch (not 
P-R7, ch? 4 K-Rl); 4 K-R2. 
Q-QB 8 ; 3 R-B3 ch (trying, for 
stalemate), K-N5 ; -6 R-N3 ch, 
K-R5 and wins. 

Solution to Problem No. 419. 

The white queen is the bait: 
1 Q-R 8 . ExQ; 3 P-N7, BxP (if 
K-N7; 3 PxB = Q)( 3 BxB.raate. 
If 1 . . . PxP; a B-N7, BxB: 3 
QxB, or here 3 . . . P-N4t 3 Q-KR 
L 


THEATRES 






0565-930 0731. Grp taka* 839 3092- 
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stitutes for Trevor Eve)- CHILDREN OP A 
LESSER GOD. 


ALQWYCH. S 836 6404. CC 379 6233. 

from Tuesday 20. ALAN 


12 weeks only 

HOWARD, Best Actor of the Year to The. 
RSC award-winning n reduction of GOOD. 
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open. ' . 


AMBASSADORS. 836 1171. Grp nlea 
379 6061. TMS £6-50. £5.50. £4^0. £4. 
£3. Eves 8. Mots Toes 3 ft Sat 5. 
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Pkcadlllv- 


ALL - Barbican Centre. EC2. 
01 -G5S 8B91. Reservations 01-628 
479 5. To n t 8.00 pm. Landed Svmphomr 
orcutSuii Lons 'Tldmarorffca conductor. 
John 00dm plajjp. Tfefcaavorlaa: Ballet 
l: PaOtmanlnovi Plano Concerto 
No 2. Gershwin: An American In Paris. 
Kfjcbaliirtan: Ballet Suite Gavanch. 

Tomor 7.30 1 pm. Mike Berry and • full 
supporting MU. Some seats still avail. 
CAMBRIDGE. CC .01-936 1808160561 

7040. SUSANNAH YORK. TOM BELL. 
TOM BAXTER. RALPH BATES, PAULA 
?i L . C r?£ HANDL 16 HE BOA 

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M?v 2° »t 7 om. Eves 8.0. Thar 
Sat 5.0 ft 8.0. Gfp Bfcm 938 2379. 


GOLIflUM. S 839 '3161'. CC 240 5258. 

OPER A. Tta nlnlrt. 
III 7 + M: madam butterfly. 
L”^t Peri Togs 7 . 30 - pelleas and 
£toaRT NDE ' T hufi ' 7.30:. -MARY 


c 2feS c, A 7 5i'5H , P M ® BURY ™- oi-3B7 

S T £?o DU - AHO bv n*’***'- To f* & 


COMEDY THEATRE. 5 930 2579. Credit 
***'»«, 839 1438. GresaJ«*37g 

!? s Lts M0 3:, F £ l . T c h nSt 

N^^ 1C DU ^ NN. ehl,<lrW,, • 


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SS£Sr«2? JL 6a ^ )- ™ E ROYAL 
T W T 5 n * .4 Ttaufs at 7-30 las 

Ti^;r S r^ W Sh V, Ji! *2*? 01 SPrtng. 
■LJ' 0 £ m vw*a- 

5JE ■ Staptag.. Wig? ROVAI 

retaoM . iM 1- * 7 30 


HAYMARKET. THEATRE _ ROYAL. __ 
g 632; • Apri l • agjMav^lZ.^. J one 24-Jul 




7.. 1*ETER J." ARKW»TH._ ANTHON’ 
QOAYI.C MICHAEL ' TCNIMICDULCI 
GRAY In A “COAT OP VARNIT“ “ — 
play by Ronald Millar ronninn 


CRITERION. 5 930 nfc CC 3Tn uce 

7.30. Fr| A S»t 6.00 ft IL45. Over 300 
COMEDY 


OR'JRY L*NB Theatre Rnval. CC 81* 
BTOB. TOE "IRATTI €»F PEKRANCt 
Ooms Imre m»v 28. flpv ™ 

otwin. Group M les 379 6061. 


"fffWjvjftas 

Mowlam | n WMDRDBBL 


O'llfr OF YORK'S, o» 4122 CC aen 

ia7: ST n&dftiX'TVil 


2238. CC 200 0200. 

ING te tN T ^C P v2 2 LOATH. 
I WG JN. LAS VEC AS, Eves 8.00. Frl a. 

SJL*!, 4 .? M, » 6 - Opsra 

prtoH." “ ”' M ' ** r ORsns 6 pm. Pub 


yETo? wW'.iss 

E- "Ko'SSS 

60S1. Credit- card bookings 930 0731. 


439 6770-6774. 
new mmcrtv hit 
"6y. Erie Idle with WILLIAM rushtom 
JOHN FORTUNE. MADGE RYAN a»i 
JONES. Mon-ThS; iaFrl*^ 

• 379 *&A. “ GrDUp *«* o®« 


GRUNWICH. fr CC oi'BSS 77S5. Until 
• &L Evenings 7.45. Mats Sots. 2.30 
EDWARD WOODWARD In Sartre- i THt 
ASSASSIN. Prom April 21 BEAUTIFUL 
DREAMER by Roy Hudd 


HAYMARKET THEATRE ROYAL. 930 
9832. Until .April 2B and May 13-20. 
Evps 7,30, Mata Wed 2 Jo. -Sat 4.5. 
PENELOPE KEITH. ANTHONY QUAYLCl 
THEVOR PEACOCK In HOBSON* 
CHOICE. A comedy by Harold Briuhauae, 
Directed by Ronald Eyre. Riinnlnp la 

rtpertolra srtth A Coat of VamWh 


HHR MAJESTY'S.. 930 6606-7. CC 93 
402S-6. Gnoon aales_37g ftOST. eve 
T.30. Sat mat 3.0. PRANK FINLAY i 
. AMADEUS by PSTER. SHAFFER.- Dljlicte 
by PETER HALL. ' 

KINGS HEAD. 226 1918. Opr-T-Stm 
TL VICTORIA WOOD ft THE GREA] 
.SDPREHDO In FUNNY TURNS 

EXTENDED UNTIL MAY TT 




MAY FAIR. 629 ' 30361 CC 379 6S6S 
Grp bkgs. B3S 3962- Ryes. 8-30. Sa 
6.0 ft .9-0- Leonle - Hoimeyr: Sara 

McNair; Michele Maz*elf In BOOGiz 
Senty £7.90. £5.90 ft £4.901 StalWTMd 
Dots sapper tin- £12.00. • 


MERMAID TH. Black friary. EC4. s2l 
5568. CC 236 5324. Red price prcvS 
tram April 29. OPENS MAY -4 it 7.M 
ROBERT HARDY. SIAN PH'.LLIP5 DEAN 
LIAR. Subs eyes 8.0. Sats 5.15 ft 8301 
HALF PRICE MATS WEDS at 3.0. . . | 

mm 




P r££SP l H-. V ' S 437 450S--CC 379 8565 
Groop sales oi-BXS. jkz. j»:8D£t 
Kor 220 . 2324. Mon-Ef 

up. Mat Wad k o ~ sit 530 -ft B.t5 
^al.jshakS^baWe cgWany j. 

jmiv RUMlI't new comdyL BDUCATUn 





"SXftfc Court. 8 cc_73D_ 1743 . Prm 
TSS* »Q. Odens MPjv 7,Q. Sutr Evas 8,0 
- JERUSALEM . by, Pau 


mat z.49. sawrnay «■ * 
S,«*ha CbriUle'* THR MOUSETRAP. 
World's lonMxuewr . ran. 30th Year, 


. _s_. 


if 



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,«*• 


















Q$h 


.Financial Times. Saturday April 17" 1982 

COLLECTING 


SPORT 


BY JUNE FIELD 

“FAIRS ARE PEOPLE, pleasure' 
an* spectacle combined. They 
are the oldest, 'liveliest and most 
unaffected form of public enter- 
tainment, embracing wide-rang- 
ing art forms, mechanical and 
structural ingenuity. ...” So 
wrote David Braith waite in 
Travelling Fairs (Shire Album. 
1376). - 

Who Is not beguiled by (he 
delights of galloping horses, 
switchbacks and scenic rail- 
ways, shies, shooting galleries 
and - side-shows with the. Fat 
Lady, the giants and the dwarfs, 
all complemented by the rich 
flamboyant decoration peculiar 
to the fairground? 

Documenting the* ' delights 
which are rapidly becoming 
rarer in our plastic age, is the 
magnificently colourful Fair- 


tZmwFJX Barbara 

Weedon and Michael Ward 5JJJ, lArcaJtectel - Press 
S‘ /N£r »■ in Fatriraunl 

TS&TESi** iinJ U V' l - e rZ b AMican 

?“ r S £°ney Mand^Se ” 

(usually carved so that the hair I' 1 ‘ Car- 

appears on his left or outward Sp!hn?St 3 T f ud ™, ay 

side), bared teeth, elaborate l ^ h w , atlractlt,ns * 

and ornate decoration and - CoIlectin fi fairground an- 


M 


yaroxc.lla or Spanish carosclln, ^ ^ ^ 

and Turkey 1 ^ Oml2th n - century! 

(Little clay bails, filled with 
scented water, were tossed 
among the moving riders, and 
the object was not to miss The 

If I have a criticism of this 
obviously painstakingly re- W@r 
searched book, which must now jp? 
be considered the definitive 

“ S5 i ^fi? Sa / >Ie ““"S “ Dobby” hone carved by J. R. Andenon of BnstoL From? Relic 

for dealers and collectors -T- it Antiques, featured in M Fairground Art ”— The Art Forms of 

JS that it has no glossary Of Travelling Fairs, Carousels and Carnival Midways’* by Geoff Weedon 
fairground terms. The authors and Richard Ward (£3930 White Mouse Editions /New Cavendish 
do explain 'some of the noroen- Books) 1 " 

clature of the various workings 

munH^wi^S.t 5 ^ 10 ^ 5 A* variety Of which is far including some pretty Bayol 
£ reater than most people jumping horses (Gustave Bayol 

US& addition, "to effective “SSS ^ ! ZS 


The bat) the ball and the politics 


“Dubby” horse carved by j. R. Anderson of BristoL From? Relic 
Antiques, featured in “Fairground Art’*’— -The Art Forms of 
Travelling Fairs, Carousels and Carnival Midways ” by Geoff Weedon 
and Richard Ward (£3930 White Mouse Editions /New Cavendish 
• - Books) 1 


greater than most people jumping horses (Gustave Bayol 


WEATHER APART, this year’s 
cricket season could be one of 
the most dramatic ever. On the 
face of it. a visit by India and 
Pakistan for a reduced -number 
of Tests fooks like an anti- 
climax to the wonderful Ashes 
"eries with Australia last year. 
But the strange exploits of 
Boycott and the Smith: Africa 
tour with Its resultant ban on 
England stars, has assured a 
season of interest regardless of 
what happens to the bat and the 
ball. 

. Last summer’s fight for the 
Ashes did an enormous amount 
of good for the game, not 
because the standard was high — 
the Australian .batting line-up 
must have beeir y about the 
weakest ever, sent here — but 
because it contained heroic feats 


realise. In England, fairground was born in Avignon in 1859). j ^ * an Botham and two highly 


RaLh»ra antiques are not yet widely col- ■ and a delightful single-seater 
lected, nor are % most- dealers .cow from a children's carousel, 
nsopjiuticatca -, ware 0 f u, e ij. pedigree or their Bayol’s brass plaque fixed to 
turai . rress value. So for the • moment the corner, of the’ .saddle 


Thp •Snirfirav” Vnim-rriur,* carVed work toom fairground . blanket: then there are various 
rT> fniii tsfi ff ' rides and showfronts, painted cats, rabbits and bears, and a 

ained in »Thr ba ? nei ? and the more recent fiery -dragon’s head once part 


Art's full title is briefly ex- 
plained in ** The American 
Carousel: Coney Island Style ” 
section, as “a travelling ‘Car- 
nival * set off with a * midway * 
full of sideshow attractions.” 

Collecting fairground an- 


painted wooden panels, of the of a large dragon car from an 
past 50 years are relatively Orton and Spooner scenic rail- 
cheap. way. Most of these items can 


improbable. victories when 
defeat appeared inevitable. 

It caught the imagination of 
the ' nation, . riot just cricket 
lovers. . England coming back to 
win, when the bookmakers were 
laying 500-1. against was merely 
one., highlight in * the most 
exciting series since the war. 



Kchh Fletcher (left), favourite to lead England th« summer and Graham Gooch, his Essex team mate, 

banned from Test cricket for three years 


“Now that there is a greater be documented from the book. 
Interest in Steam .Fairs, antique and the price range is roughly 


ring 500-1. against was merely who on ability would walk" into much improved Hemmings. 
ie.. highlight in ‘ the most England team? *.*1 Marks. Barclay and William, 
citing series since the war. Our selectors now under new The last three are also useful 
This year our visitors are -chairman Peter May have an vie batsmen. 

India and Pakistan and neither Problems than Ron Greenwood. Looking at present options 
can expect to raise as much They have ro find a new opening 


an- fairground rides are appreciat- £500 to £1,200, under £30 for interest a s Australia, even allow- 

“JS ing in value almost as quickly the shields or banners which ing for the politics, which will 

b«- as traction engines which 30 hung from the “swifts”, (top sadly be brought into the game. 


paintwork that dominate a really took off m a big ing in value almost as quickly the shields or banners which 

weighty book that is a dazzling m A™.®"®* * R * r lhe Publi- as traction engines which 30 hung from the “ swifts ” (top 
tour-de-jorce of riotous colour. £ , n J, n „ 6 * of f r ? d Fned 5 years ago were sold for scrap, bats) of gallopere. 

The beasts began as “ dobby «>ok T/ie Pictorial History of and now can fetch £70,000 or 
horses." a simple set of hanging H le Carousel (A. S. Barnes), more. A small hand-turned 


They have to find a new opening only Gower, Botham. Willis and 
pair. Presumably Cook will start wicket-keeper Taylor can be 
off Number 1. Who "will be his regarded as certainties for the 
partner? Mendis, Butcher of England team. Will a largely 


The beasts began as “ dobby 
horses." a simple set of hanging 
horses, whether hand-cranked, 
horse of steam-powered. The 
term gallopers (jumpers in the 
U.S.). refers to a generally 


book The Pictorial History of 
the Carousel l A. S. Barnes). 
Carousel figures now fetch 


children’s carousel with horses. 


thousands of dollars, the works cockerels and hanging peacock 


of certain carvers, such as 
Marcus C. Ill ions, are particu- 


converted to, ot designed wittu 
overhead cranks, which enable 
the animals to rise and fall, 
usually above a platform. The 
term carousel was commonly 
applied to European and 
American examples, with stand- 
ing horses rigidly fixed to a 
suspended platform, the word 
deriving from the Italian 


that had been lar, y sought after, and there are 


magazines specially produced 
for enthusiasts, 

Prices are rising and 
museums are taking carousel 
art seriously. Geoff Weedon 


Surrey, or perhaps one of the new-look England be able to 
young Yorkshire batsmen who beat India and Pakistan, who 


promise so- much without yet both have several players of 
turning in the figures which genuine Test calibre? It is by 
divide the good county player no means certain. 


cars carved by Orion and " 7"’ 

Spooner of Burton-on-Trent was 
sold for £11,000 the other year JJJf 
and considered a bargain!" 

Main dealers in fairground 
artefacts are Malcolm Gliksten 
and Grierson Gower of Relic fascmatmg appealin * 
Antiques, near London's Cam- • The book Fairground Ar 


bass) of gallopers. Talking strictly of cricket, last ^“YvnVwh tZrZJEL? J£Z £ woox. angiann oe ame io 

Who buys these large play- winter’s play in India was SQ . m^HSESt^lS ^th have Jwci^pSrs^’of 

things? "Decorators, restau- turning in the figures which genuine Test calibre? It is bv 

rants, neb people who want Jh!Th h^c divide S°°d county player no means certain, 

exotic toys.” says Malcolm, among their players which does ,v e 7=5* cricketer 3 Rm at fTnmpct-i* 

whogave up an early l*wtrai0- n„, bodo we], for ,ha (futur,. 'XTaptS^S.Ti. still taSfifEST MtaSriSS 

mg to go mto dealing, first into The outlawing of .the England • b 

old pub mirrors, then their players who toured South Africa • 

reproduction, before specialise will weaken our team. Graham _ _ ^ . ' “ ' ' 

ing in what he caUs . “ this Gooch win be a sad loss— he is Trevor Bailey looks ahead to what could be a 

fascinating appealing art." not only one of the few Test ” 


from the Test cricketer? 

The captaincy issue is still 


But at domestic level the most 
important, and most demanding 


told me: "In Europe there is den Lock, who also have a 
a more scattered interest with veritable Noah’s Ark in a ware- 
automatic -shooting - gallery house in Majmesbury- Wiltshire, 
figures being as collectable as Some animals have been 
the wooden horse and figures, brought over from France, 


• The book Fairground Art can 
be bought for £39.50 through 
Malcolm - Gliksten. Relic 
Antiques. 248 Camden High 
Street London NW1 (01-387 
6039). 


The hostas with the mostest . . . 

HERBACEOUS PLANTS that September. Graham Thomas, These are notable for their size, even larger and bluer leaves 


combine- interesting - flowers 
with good foliage ore especially 
valuable since few hardy 
perennials have ' a long 
flowering season and many have 
little to offer when they are 
out of flower. Hostas must- come 
high on any list of such dual 


lowers who is an authority on such 
icially matters, say there , is a variety 
hardy names Viridis Marginata which 
long has yellow leaves narrowly 
7 have edged with green. It sounds 
y are wonderful but I have never seen 
■come it nor do I- know anyone who 
i dual has it. 

have Another small plant is Hosts 
!™ er - andnlata. which seldom exceeds 
15 inches. The name was chosen 
to ne. because the leaves are woven 


class batsmen around, but is ] onff U at « 1TTirner fm- rrirlcpt 
also a spectacular strokemaker lull s* bummer IOT cnCKei. 

re lish ed by spectators. " ■■ ■ - " — 

7t -ura* nnt open * In s P ite of a disappointing event IS the Schweppes County 

Plm? 1 etcher will Championship. Although Notts 

su Darted the TCCB?Sire^ve?f P rdbabl y entrusted with the won the title last year largely 
SK thl h 30b - at leas t for first tee through the bowling of Hadlee 

SSj.2 2f iri L s ^w£ h a ?2S Tests - 38 tee are few and ftce on some lively Trent 
oSJlHrnSpiSS obvious alternatives. Bridge pitches, and remarkable 

55S.SS? ° ur P ace bowling department luck with the toss, I shall be 

itrfhririJia? looks depressingly bare, because surprised if they retain it. The 

fo i lw ^i5S-£f , ?5 neariy all the proven senior acquisition of Hendricks will 
swn wherever he (mooses ana seamers, apart from Willis, have prove even more valuable now 
condemning an 7 . .f ,irS1< " disqualified themselves through there is doubt that Rice will be 


ban on the 15 English South 
African tourists, while at the 
same time somewhat ironically 


condemning 


luese are noiaoie jot meir size, even larger ana oiuer leaves inAnonr* In fho vlivtinn «f «««««« » 

their strongly marked veining and is the best to purchase if SnrfSf tMirw™ their South African excursion, able to perform with the ball. 


and their shining green colour. 
This is a plant .which will in 
time make a massive clump and 
it can then be very difficult to 


you can find a nursery offering 
it. It is in Beth Chatto’s list 
Whether the kind sold as 
Francis Williams is another 


uproot, for all hostas anchor variety. of EL sieboldiana I am 
themselves firmly with a mass not sure but it looks much like 


in a most . attractive way. They 
also twist, which adds to iheir 
charm, and they are naturally 
green with a' broad central 
splash of ivory white. In cata- 
logues this plant often appears 
as Hosts undulata medio varie- 


j have Another small plant is Host. 
*2? A tSE nndulata. Mdiich seldom exceed: 

ihf c?L 15 inches - Bie name was choser 

because the leaves are wover 

rne popular, name plantain 

lily has presumably been given — : - 

because -the leaves of many 

kinds arc very broadly spear GARDENING 

shaped like the leave? of rthc 

plantains that- growso jersis- Arthur he^lyer 

tently in lawns and the flowers 
are narrowly funnel shaped. But 
the namp is a bad one for no 

plantain has leaves to compare • „ ' 

in size and beauty with the JJ a IfS 

hostas and no lily produces iJf^JjSulSfiv 

flowers at all like them. ■* charm, and they are naturally 

In size hostas range all (he *’ r f PI ! Uf'lLJL rentr^ 

way from almost prostrate ?F lash ^ wh ' te - In cata 
plants such as Hosta lancifolia logues this °^^". appea ^ 
to the bold, upstanding H. as Hosts undulata medio vane- 
ventricosa which can reach a but tt> i li » u* 

full three Teel. H. lancifolia is necessary as the rimple .name 
really in a class of its own for H - ' undulata belcmgs to the 

1 cannot think of any other kind variegated plartt. If you want 

that spreads its leaves out toie plain green leaved form 
almost horizontally so that they ■ v °u ^ust ask for Hosta undu- 
make excellent ground cover, or lata erromena. Both va negated 
that haw such long narrow and green leaved forms have 
leaves. deep lilac Sowers in IS inch 

In colour fhev are shining spikes in late summer, 
laurel green and Its blue-lilac The flowers of Hosta. ventri- 
flowers' arc* carried in* slender cosa are larger than most, a 
18 in spikes well above the good purple, and carried in late 
leaves in August and summer well above the ,'ieaves. 

--- ' ' ' r " : SHOW. 01-5BH 139*.. Bums ME 5UN- 

TUffATDPC ■ SHINS, mling Me RMH.es. c. r 
I ntfl I KC9 TJVIW'S us* pl«r- Sms 7. so. Until Mav 

; T ;t on ly. ; 

SAOLM'S WHU TWATU1. ECI. BS7 : STKANO CC OI-KK Mg". 

m M0 02M hw "***' ton * Tm * ] r rt ‘B.as« 5 W /eM. W°J. 

TUB 2W GYPSV' FHIWCMS ICwmnn i LA ST PAT. 

Vitim.MWW. Ijl I »W*7 TALK OF THT TOWN. -CC 01-734 5051. 

7 30 (al SDrctal !*««&/■» 1 fox mcr-aUans or on entnr. London's 

KtNT i v.to 34.A H NI. • QrcNnt Nlpdt Out tram B Dm. 5 Tunraj 

BoHn* Bunco SabscrWWn Tel. j c| TnD Entertainment. THE TALK OF THE 

Q1-Z7B OUS lar hiosHwe any time dev ■ tctWn qaua galaxy Rivui n wi. 

. AMPLt*f me PAS KING »H »r 6-30 r m- [ CRASH (iV* pml. ^WnnJr^OanSiof^ 

SAVOY- S 01. UB SMbT CC ®SD 0731. I 

E«eidn« 7.45 Met* Wej 2-30. Sag VAUDEVILLE. CC 01-836 9988. C«m« *■ 
5J»^ • 30. MICHAEL FRAYNS NEW j WH nut* 2.45. Srt» 5 4. 8- _CORDoH 
COMEDY NOISES OFF. Directed ev JACKSON III AGATHA CHRISTIE'S 

MI CHAEL BLAKC MORE. C ARPI O H THE TABLE. , 

SHAFTESBURY, S CC SMMBWV, Avr. WESTMINSTER. CC 834 02fiS. Pape John 
WC2. TiSeox once 830 5S 9fi. 2nd Yc»r Pud II THE JEWELLER SHOP. Hinn.r 
Neil Simon" i Hll Mutual. _TOM CONTI Gordon. Gmm Wartofd. Paul Dane nun. 
•«Hlh SHEILA BRAND. THEYRE PLAYING Rod price «mj 28 

OUR SONG. OAPi £4 tWed on'vj- Mar at 7 pm. Eves 7-4S. Matt Wed & Sot 
HudWtts £4. Era* 8.0. M*t Wed_ 3. 2 . S o. ' 

07?1 S |4 4 |,mS' | T Qo"t 0o rd sSw sSfo” WHITEHALL. 8S9 6975. 930 8012-7765. 

2 tft at* o 3 TO 2 . CC 930 G6P3-4: Group MlM 379 6061. 

* F Sin MAY 8 JOHN WELLS In ANYONE FOR DEMIS* 

SEASON MUST END n.ic im. Sat nut S m. Student 


of fibrous roots. 

Another kind with outstand- 
ingly good flowers is Hosta 


it except that each leaf is edged 
with yellow that becomes buff 
with age. This fine hosta was 


pbntsginea. The big leaves are raised in America at the Bristol 
light green and the large scented Nurseries Connecticut where 
wh-tc flowers are freely pro- Honevbells was also produced. 


- _ . ■ ■ ■ ■ UlbU LJVULM r.AUII JJV«e r v*4U4 4U WLUa, 

England teams. The main challengers either hut their home wickets are un- 

its decision was based on fear possess the speed but lack the likely to remain so consistently 
<tf upsetting the existing strnc- control, or possess tile control helpful to seam, 
tare on which their livelihood hut lack the speed. Clearly The four most likely con- 
depends. A cynic might point willis requires a new partner tenders are Middlesex, Surrey 
out that it also greatly increased ^ could weH be the (if their West Indian Clarke 
the chances of some of them comparatively unknown Newman remains fit), Sussex and Somer- 
to climb on board the gravy f rom Derbyshire. set (who have the benefit of 

train of Test cricket With our two leading spinners fielding three world class 

And what will be the reaction also unavailable, Edmonds, if cricketers, Richards, Botham 
of oar visitors from the sab- he can rediscover his old form and Garner, a good skipper, 
continent if the selectors decide has a splendid opportunity. Rose, and above average sup- 


balanced Essex and Lancashire, 
who hare been reinforced by 
Croft, always providing they 
play to their potential. 

Somerset carried off the 
Benson and Hedges Trophy last 
year. They should again win 
at least one of the limited-overs 
competition, possibly two. while 
Essex's Rhances of retaining the 
John Player League title have 
been- improved by the fact that 
Gooch and Lever will always 
be available. 

Although attempting to pre- 
dict the eventual winner of the 
Benson and Hedges competition 
is extremely difficult, picking 
the two teams to reach the 
Nat Wen Final at Lords is even 
harder, as there are nn pre- 
lim in aiy pla;--offs. 

■Who would have expected 
last year a final between 
Derbyshire and Northants? I 
rather fancy Sussex, who could 
well turn out to be the side of 
the. se: % um and the last winner 
of the tournament in its present 
form. 

In 1983 it is to be extended 
to include Scotland and a fur- 
ther eight minor counties. To 
make sure that the minor 
counties, along with Ireland and 
Scotland remain sacrificial 
lambs and unlikely to make 
any real impression in the later 
stages of the competition, the 
first-class counties are .to be 
seeded so that only two of them 
can meet in the first round. 

Although the introduction of 
more contestants with Nat- 
West providing an additional 
£25.000 will make no difference 
to the eventual outcome, it will 


duccd and open later in autumn 
than most. There is a fine 
. variety named Grandiflora 
v.'iich hns ever W;cr Bowers.' 


a hosta with sweetly scented 
mauve flowers derived from 
H. plantaginea. ■ 

Hosta fortune! a kind that 


According to Graham Thomas much resembles H. sieboldiana, 
the American garden variety makes certain of displaying its 
Royal Standard is derived from bluish lilac flowers by hoisting 
this species and it certainly them well above its leaves. 


to pick the South African. Alan’ while there are a number of off- . port). . The two most likely certainly help to encourage the 
Lamb, who is now qualified and spinners around, including the outsiders are probably tile well- game still further. 

Balancing ’twixt wind and water 


looks much like it. with big. 
widely opened white flowers 
which are also sweetly scented. 
There is a good picture of it in 


Several varieties said to "be of 
k appear in catalogues but not 
all truly belong here. Aurea. 
with pale yellow leaves that 


WHETHER a surf board with a 
sail on it constitutes a vessel, a 
piece of exercise equipment, or 


the pastime, and the string of 
competitive events, they intend 
to make their presence felt as 


ih? Bressingham Garden cata- gradually beeme greener as they a-warton theface of the watew, boardsailors in all future argur 


loguc. 

Hosta 


sieboldiana 


gata but the addition is un- aopesrs in the catalogues as 
necessary as the simpl? name . h. giauca, a name discarded by 


3ge, almost certainly does and 
also Albopicta which has yellow 
leaves streaked and edged with 


H. giauca, a name discarded by green, 
botanists, although it describes In some 


H. ■ undulata belongs to the botanist?, although it describes 

variegated plant. If you want very v/el! the blue-grey colour simply as Picta, botanically 
the plain green leaved form of its broad leaves. As a fotiage m correct but from a descriptive 
you must ask for Hosta undu- plant to tone down strident standpoint sensible since the 

lata erromena. Both variegated flower colour it is unsurpassed variegation is yellow not white 

and green -leaved forms have — its white or pale lavender as Albopicta. would suggest 

deep lilac Sowers in IS inch flowers are quite large and open But if you buy the variety of 

spikes in late summer. early though sometimes they- H. fortunei known as- Albo- 


appears 


are questions that stir up deep 
feelings among those who go 
down to the sea. 

Conventional mariners are 
likely to be in dispute with 
“hoard” sailors for some time to 
come about the proper status 


merits over water rights and 
amenity matters. 

Ken and Gordon Way — two 
brothers now in their late 20s, 
who started making boards in 
the family garage in Notting- 
ham six years ago — are con- 


p v ••V* 

lvVi.?v.V-i*- 


1*.* y ’ ■ . 

Kkt£> 

mm 


for sailboards in the nautical fident that the British board- 
pecking order. But the prospect sailing population will event- 
of thousands more sailboards ually reach about 150,000. 




spikes in late summer. 


fortunei known as- 


fluttering like low-flying, colour- 
ful butterflies across harbours 


That judgment is leaving 
them with a tiger by the tail. 


The flowers of Hosta. ventri- arc carried in rather dumpy marginata and also the species 
cosa arc larger than most, a clusters that tend to get lost named Hosta crispula the odds 
good purple, and carried in late among the abundant leaves. are that you will get two plants 
summer well above the ,'ieaves. A variety named Fdegans has that axe exactly alike. 


good purple, and carried in late among the abundant leaves, 
su mmer well above the .'leaves. A variety -named FJegans has 

SHAW. 01-588 1394., BRING ME SUN- " ' 

SMINE. MLING .ME KMILC5. C. r : _____ ■ 

i7 on? '** p >v " 5t9S 7so - Untn Mar j TTTF fiT TN 

stiLANO - THEATRE. CC 01 -S3R i ’ 

01-RSfi A 1 NYREE DAWN PORTER. FIVI f|‘1 

ROT OotmCt ir. MURDER IH MIND. I H M. 1 fti 

A thriller hr Torence FeNv Era* Mot i -M- M, M. A.S V>Ju 

Frl B.O. S»t 5.0 and 8.0. Mats Ttnir 5- 

~ ^srssrquusrsFsrKs-HEr ’* The Sussex Armoury ” 

TALK OF THE TOWN. -CC 01-734 5051. : , . r . . . 

For re»cr.»Uonl at on entry. London s , Order Cf the JOlIlt ReC8lV( 

Graum Nlflht Out tram 8 cm. 5 twort j , , _TTT>T t/i a 

ot Tn» Entertainment. THE TALK OF THE De SOW bV PUBLIC A 


STRAND. CC B3H ' 2880-4145. RALPH 
•waTARDSON. CELIA JOHNSON In THE 
UNDERSTANDING, a 
.. ANGELA HUTH. Red I Bfke oravt trwn , 
Apr 70. Open* Apr 77 ■* » wn. E«« 
Mon-Sat 8 nm. Mata Than 4 SB 3 rm. 
Tram 1 May Sat M V « SO. Group 
. lalrl Roa oitu« S7E DOST. 


with ■ can or 55 . wall street I 
CRASH (11 ml. Dinner. Dandno. 5 I 

band*. ; I 

VAUDEVILLE. CC 01-856 W88. Eras 8. 
Wed maCa 2-45. Sata 5 & 8- GORDON I 

jackson m aga-Tha Christie s i , 

C ARPI O H THE TAH LE. . I j 

WESTMINSTER. CC 834 0285. Pope John I 
Paid II THE JEWELLER SHOP. Hannah , 
Gordon. Gwen Watford. Paul Dane man. , 
Rod prl« pro** from 17 May. Ooona 55 , 

Mav at 7 pm. Eves 7A5. Matt Wed & Sot I 

2.S0- ; ■ • 

WHITEHALL. 859 6975. 830 8012 -7765. 
CC 930 G693-4; Group sales 379 6(161. 
JOHN WELLS In ANYONE FOR PENIS? ! 
Moo-Sat 8-15 pm. Sat mat S pm. Stndert 
standby C3 50- 1 hr before pci* Mon-Sat. 
YOUNG VIC (Waterloo). " " B28 6383- 
Famom CMIdren*s MbIc Th in 
BENDIGO BOSWELL. Last 2 ports today 
2.30 A 7.50. From Apr 29. Eves 7.50. 
Sat 2.30. Scats 62.30 (parties L1.75J. ■ 
YV CO Hi ROMEO ANp JOLIET. 


FINANCIAL TIMES 

PUBLISHED IN LONDON A FRANKFURT 

' lW MACK Tta nMBCM Dim Umltad. aeaclM Ham, » CNMap Kawl, UaSM BMP «V. 
THm: 89M87I. Tata; UUnftktag) HKSXTNastSM: FfanUras, LonOMLTiIqtaac 01-2488QOa 
Frankfart Dffla: Dm Ftaedaf Ttaas lE-r*pa) UA, r a l . tat.tr - 54, D6800 MWMMr \ 
Wait tarnany. Tata: ««». Tatataw 75 WL EMaifah FnadoaHaa 71-tX. Ttta: 4IL0SZ 
tW ftm a r . 758* 157. . 


THE GUN SALE OF 
THE CENTURY 

•‘The Sussex Armoury” is in Liquidation, and by 
order cf the Joint Receivers their entire stock must 
be sold by PUBLIC AUCTION and WITHOUT 
RESERVE! 

All items (apart from the bayonets) are brand new 
and in mint condition. They include: 

-A- Over 500 sporting shot guns 
Other firearms 

Vr Replica Model Guns (the country’s largest stock) 
Air Guns, Air Rifles, Air Pistols and Air 
Ammunition 

t 4- Blank-firing Revolvers and Starting Pistols 
Knives and Militaria 
★ Bayonets and other collectables 
The Auction is scheduled for two days on 22/23 
April, preceded by two days of viewing <20/21 
April ) . A catalogue will be available, and the venue 
will be the Crown Hotel, High Street, Hailsham, 
East Susses. 

Far up-to-th c-minute information, please contort: 

Leslie H. Bosan, Agent to the Joint Receiver. 

144/150 London Road. Croydon. Surrey. CRO 2TD 
Telephones: 01-6S8 1123 (three lines) 


and anchorages this summer Having bought licences to join 
calls for some positive thinking. _____ ________ 

The wiser harbourmasters are 

avoiding the formidable and Roy Hodson reports 
probably thankless task of r 

interpreting strictly the ques- on a STOwillff 
tion “what is a sailboard?” and.- “ & 

instead, they are ap p eaHng for new water SDOrt 
goodwill to be shown towards r ■ 

board sailors by other mariners ■ 

ortd by board sailors towards ^ e tight international “club" 
° ... , of board manufacturers con- 

Makers of sailboards m trotied by ^ u>s> Mentor 
Britain are looking fonrard to HoyIe Schweitzer to build his 
another record year after a designs, the Way brothers took 
mgWj' suceessfu 1 Earls Court orders for 700 at the 

Boat Show in January. Indeed, : Roat cw 

Rirn*P t^lPn Ifiptr 


the tight international “club" 
of board manufacturers con- 
trolled by the U.S. inventor 
Hoyle Schweitzer to build his 
designs, the Way brothers took 
orders for 700 boards at the 
•Boat Show. Since then they 






t°)5f V in^iS^ have found themselves seriojisly 

ssctorS of the wstliie industry 1TY1 _ l j 

which had something to crow 7nr 

about after a show where people SSn S 
generally preferred to. keep ^ an ?-°“ ? ca - tch ^ m 1 arke j 


jpKp? 

— « . „ '» 


their money in their wallets. 

Sales cf boards in Britain are 
expected to reach between 
13,000 and 15,000 this year — at 
an average price of round about 
£400 for a rig complete with 


sfssftji ™ USt 1 1 m i i | "'iiii | "i Sisjyr.. . 

expansion to ca tch the market B . . . 

but which has never employed Ratd,n8 rt •"* a recent Panther sailboard race meeting 
more than 9 people. 

“ We are in a classic over- Ways pioneered their British- and competition " with a series 
trading situation ” said Ken made boards in 1976) the name of events. It promises substan- 
Way, the elder brother. Bank of the game has been promotion tial prize funds (some £20,000), 


finance is one way forward for ^d works teams to dazzle 


mast and sail- By the end of the them. They are also consider- spectators with aquabatics. 


season the total board-owning 
population in Britain is 
expected to number about 
35,000. They represent the 


having 


brother Sponsoring and prize money 


company take a stake in the loom large in p lans to promote 
business. ■ boardsailine this season. A bodv 


controlled advertising, and pro- 
professio'naliy run events. 

Will it offer a water circus or 
a real attempt to cater for lovers 


most powerful new mass move- side of life the young board 
ment using inland and coastal sailing industry is outside the 


waters for pleasure purposes, mainstream traditions of yacht 
Judging by the number of and boat building, 
magazines being spawned by From the be ginning (the 


isrness. r boardsailing this season. A body of boardsailing? Time will tell. 

In its attitude to the business called the UK Series Pro Wind- The plain fact that board sailing 
ie of life the young board surfing Circuit backed by a com- is now attracting active com- 
iling industry is outside the pany called Windsurfing mercial interest is indication of 


pany called _ Windsurfing mercial interest is indication of 
Professional aims “to take how people are taking to this 
boardsailing into new realms simple sport of balancing ’twixt 
of publicity. sponsorship, wind and water. 


THEATRES 


TRAVEL 



RACING 

DOMINIC WIGAN 


IT IS A DANGEROUS business 
opposing any Warren Place 
runners at the present time, but 
having said that, it seems doubt- 
ful whether Cajun has the pace 
to take back Montekin in today's 
Green ham Stakes, in which 
Wind and Wuthering reappears. 

Montekin, .whose spectacular 
progress last autumn, was to 
earn him S stone 11 lbs in the 
Free Handicap,' remains 'a diffi- 
cult colt to assess. However, of 
one thing no one can be in 
doubt. He is a far better animal 
than the bare result of the 
Horns Hill Stakes suggests. 
Asked to do no- more than 
strictly necessary by Pat Eddery, 
the Mount Hagen bay passed 
the post the cheekiest winner 
seen all season at Newbury in 
that 7-furlong event. Eddery 


commented afterwards that the 
1 j lengths margin of victory 
over Busaco could have beep 6 
or 7 lengths had he so wished, 
and that is very much how it 
looked from the stands. 

Montekin, whose only setback 
during the season had come 
when he went down to Silver 
Hawk in the Intercraft Solario 
Stakes, has been working with 
great zest over the past few 
weeks and will, 1 believe, have a 
considerable edge' in fitness over 
the 4 to 1 favourite for the 
2,000 - guineas, Wind and 
Wuthering. That could prove 
decisive in a race in which 
Cajun, rated 3 lbs above Mon- 
tekin in the Free Handicap, can- 
not be ruled out The only other 
runners for the Clerical Medical 
Prize are Macmillion and Ten- 
der King, both of whom appear 
out of their depth. 

An hour after the Greenham, 
it is the turn of the leading 
older horses with the Group 2 
John Porter Stakes. Here my 
best news concerns Amyndas. 

From the in-form Palace 


House - stables of Bruce Hobbs, 
Amyndas got off the mark at the 
first time of asking last season 
with a victory over Protection 
Racket on his home course. 
That was a smart effort from 
a colt who had been unraced as 
a 2-year-old, but there was far 
better to come. Amyndas’s sub- 
sequent exploits included a third 
placed run behind Vayrann and 
Cair Rouge in the lO-furlong 
Champion Stakes, for which he 
started at 66 to 1. By Sparkler, 
who is responsible for another 
smart Hobbs performer in 
ScmtiHarine Air. Ammins will 
not be in | y>nven» o, '’*ed - by tv 
tanner pf tn-inir’i n"", 

NEWRT1RV 
2^0— -Montekin*** . 

3.00— Winart 
3-39— Amyndas* 

4.30— Hand-Rolled 
THIRSK 

1_30 — My ' Dad Tom 
- 2.00— Chellaston Park** 
2^0— Turn Back the Time 
AYR 

2.55 — Silent Valley - 


SPORTS 


RACING: William Hill Scottish 
Grand National. Ayr, today; 
Clerical Medical Greenham 
Stakes. Newbury today. Flat 
meetings today at Thirsk and 
Newbury, National Hunt meet- 
ings at Ayr. Huntingdon and 
Stratford-on-Avon'. 

EQUESTRIAN: Badminton 

Horse Trials, today ami to- 
morrow. 

HOCKEY: Club championship 
finals, Durham, today and 
tomorrow. 

LAWN TENNIS: British Hard 
Court championships, Bourne- 
mouth, April 19-24. 

RACKETS: Celestion Open 
Singles, The Queen's Club 
today until April 22. 

SWIMMING: Britain r USSR. 
Blackpool, today and to* 
morrow. 

'LABLE TENNIS: European 
championships. Budapest to- 
day until April 25. 








FINANOALTIMIS 

BRACKEN HOUSE; CANNON STREET, LONDON EC4P4BY 
Telegrams: Finantimo, London PS4.Telex: 8854871 
Telephone: 01-2488000 


Saturday April 17 1982 


Financial Times Saturday April 17 1982 


HIGH-TECHNOLOGY WARFARE 


First test of a modern navy 


Bad days for 
formal dress 


By Bridget Bloom, Defence Correspondent 


THESE ARE net the best of 
times to be seen in public wear- 
ing a. Mack coat and striped 
trousers, . the quietly elegant 
uniform of lawyers, bankers 
and diplomats. Lawyers have 
never been any more popular 
than dentists; we all hope to 
keep out of their hands. How- 
ever, the low standing of 
bankers and diplomats is some- 
thing new. Until recently they 
have been regarded as the 
flower of British profes- 
sionalism; but now their ex- 
pertise is no longer taken for 
granted and. still worse, they 
are suspected of being wobbly 
on patriotism. 

In such emotional times, such 
things are liable to happen, for 
neither group is equipped to 
realise our dreams, as we some- 
times demand. They deal in 
realities, and it is when they 
fail here that it really matters. 
The recent conduct of the 
Foreign Office can be left to the 
post-mortem which is bound to 
follow the end of the Falklands 
crisis. The bankers unfortu- 
nately face a more pressing 
inquisition. 

Disasters 

The City's fear of the freeze 
on Argentine transactions, and 
the underlying fear of a default, 
is not just a matter of bad 
debts, as Sir Jeremy Morse, 
chairman of Lloyds Bank, the 
most exposed in the Argentine, 
made clear in his annual state- 
ment this week. An Argentine 
default would be p3inful but 
manageable if it were an 
isolated event. The danger is 
that it would not be isolated. 

Sir Jeremy also spoke of the 
need for flexible treatment of 
Polish debt: again, the City ap- 
pears to protect the interests of 
an odious regime. However, 
Poland and Argentina together 
represent potential bad debts 
of well over $SObn; and beyond 
these two stand a long line of 
potential disasters among the 
Communist economies, the de- 
veloping countries, and some of 
the newly-impoverished oil pro- 
ducers. 

Casualties 

The present debt crisis can 
be seen, without stretching hope 
too far, as temporary. The 
present world combination of 
deep recession with crippling 
high real interest rates appears 
to be a painful aberration. If 
the problem debtors can be kept 
afloat for the duration, either 
falling interest rates of reviving 
earnings will, it is hoped, sen 
them through. 

It is a desperately difficult 
intervaL all the same. In the 
U.S., one quite widely known 
company failed with debts of 
over S40Om last week, and 
Fidelity Mutual, a major savings 
and mortgage institution on the 
West Coast, collapsed. Even, the 


W HEN the Royal Navy 
was last involved in a 
war off the coast of 
Argentina, one of dts three 
cruisers was led -to its target 
by the sight of smoke on the 
horizon. The enemy warship— 
the German Graf Spee-^was 
hunted by the most powerful 
British warship there, an right- 
inch gun cruiser. 

TTiat was in December 1939, 
when World War Two was 
barely three months old. The 
German “ pocket " battleship's ' 
11 -inch guns in fact wreaked 
severe damage on the British 
ship, although- the Graf Spee 
was finally forced to flee and 
.was scuttled to avoid capture. 

In 1982, if tiie British naval 
task force now sailing south- 
wards towards the Falkland 
Islands is required to go into 
action against the Argentine 
Navy, the scene is likely to be 
very different. In the inter- 
vening forty odd years, naval 
warfare has been virtually 
revolutionised by changes in 
radar, in communications, in 
weaponry and in the use of 
aircraft and helicopters in a 
maritime role. 

Rear Admiral John Wood- 
ward. commander of what could 
become a 50-ship armada, will 
first lvern the position of an 
“ enemy ” warship from informa- 
tion gathered by satellite, or 
from a high-flying American or 
British Nimrod reconnaissance 
jet aircraft. The Argentine ship 
would be kept under surveil- 
lance by those means, and if it 
was decided that the vessel 
should be attacked, the weapon 
chosen would no longer be a 
gun but a missile from an ever- 
growing range of submarine- 
launched, sbip-to-ship or air- 
launched missiles . in current 
naval armouries. 

Down in the South Atlantic, 
it may be that Admiral Wood- 
ward would order the prepara- 
tion for firing of one of his 
20-ft-long French-built Exocet 
ship-to-ship missiles. These 


Administration admits that 
there are likely to be bigger 
casualties before it jb all over; 
indeed the American banking 
industry is far more worried 
about business risk than it is 
about international lending. 

Containable 

The central banks of the 
world are therefore now fully 
preoccupied with what amount 
to lifeboat operations. As in the 
property crisis in this country 
in 1974, the politicians might 
welcome some exemplary de- 
faults, but the bankers feel It 
necessary to err on the side of 
caution, even if as a result they 
stand accused of protecting un- 
acceptable capitalists fin 1974) 
or unacceptable regimes now. 

The professional consensus is 
that the banking problem 
remains perfectly containable, 
though it may leave a nasty hole 
in the profit and loss account 
provided there is not a whole 
series of unforeseen crises such 
as the Falklands affair. But the 
situation has important implica- 
tions for the future, and sug- 
gests lessons to he drawn from 
the past 

The future implication is that 
even if interest rates do fall | 
sharply, as many now expect, : 
the recession could persist In ! 
the international market, ; 
bankers are already talking j 
openly of a credit contraction, j 
in which not even credit-worthy j 
borrowers can find funds. This 
is not only because banks are 
now extremely cautious in their j 
lending policies; the market for 
deposits is also tight — a major 
reason for high short-term rates. 

Permissive 

The collapse of the Opec 
surplus has cut off one major 
flow of new deposits: but it is 
the increasing quest for safety 
by other potential depositors 
which prevents the gap from 
being filled. The pattern of flows 
in Britain, where the Govern* 
ment has over-funded its own 
borrowing and the authorities 
are refinancing the banking 
system through the money 
markets, is being repeated in 
different forms in other coun- 
tries. 

Why is a modest deflation — 
For monetary targets are no 
longer tight in real terms— 
producing such pain ? The 
answer seems to be that central 
banks were far too permissive 
in more inflationary times. The 
so-called “ triumph ” oE re- 
cycling was in fact an episode 
of unsound banking, when 
short-term deposits were re-lent 
at long term to vulnerable 
borrowers; the need to keep 
these borrowers afloat is now 
crowding out recovery. The 
bigger the binge, the worse the 
hangover— but the less the 
temptation to over-indulge 
again. 


Arfwnl Graf SpM 7 937 ' .J 


■ -JJ. U- =S < i < -iS 

•- . ‘ r -- - 1 1 <- . V i > 


9 






||2fl0 IBte Unfit 

mUOANDS! 

^ISLANDS j 




I Maritime Exclusion 


A mass of data 
which has to be 
computerised 


weapons, on at least nine of 
the 16 warships in the British 
task force, are so-called " fire- 
and-forget” missiles which 
home in on the target after 
firing, thanks to a built-in radar 
homing head. 

Were a missile coming the 
other way — for Argentina, too, 
has Exocet missiles, fitted on 
the Type 42 destroyers bought 
from Britain — some British war- 
ships could retaliate with Sea 
Wolf. This Is an “anti-missile 
missle " so far fitted only on the 
two Type 22 frigates currently 
the force, HMS Broadsword and 
Brilliant 

The key change in the nature 
of modern naval warfare is 
what can only be called the 
information explosion. The puff 
of smoke spotted through 


SOUTHS 

GEORGIA! 


BRITISH ANTARCTIC 
_ —TERRITORY 


binoculars has become a mass 
of data from an array of 
sensors — radio, radar, infra-red, 
sonar — which would overwhelm 
the mind were it not sifted by 
computers. 

Any engagement in the 
Atlantic will be fought using 
the Navy’s Action Data Automa- 
tion Weapons system. The 
version installed in the carrier 
Invincible is believed to provide 
the operations room deep in the 
ship with a three-dimensional 
picture of where the enemy is 
in the air, on the surface, and 
underneath the sea. 

The data explosion does not 
only concern the unseen enemy. 
Admiral Woodward will also 
benefit from, and be burdened 
by. Command Control and 
Communications, or “ C-eubed ” 
in the jargon. He will constantly 
know the dispositions and 
actions of every unit under his 
-command. He will be in constant 
touch with London through the 
Skynet satellite communications 
system — and through London 
with the British submarines 
underneath him . 

And the proliferation of all 
these flows of information 
breeds its own form of elec- 
tronic warfare — the jamming 
and interception of enemy com- 
munications, the use of Elec- 
tronic Counter Measures to 
distract and confuse the 
enemy When he attacks. 

While there is tittle doubt 
Britain’s task force is as modern 
as can be assembled outside the 
super powers, how relevant is 
it for the tasks it may be asked 
to perform in the South 
Atlantic? And what problems 
will it face as it sails down into 
some of the roughest sea con- 
ditions to be met anywhere?. 


The mam purpose of the 
task force, as Mrs Thatcher, the 
Prime Minister, made clear in 
the Commons debate last Wed- 
nesday, is to give strength to 
Britain’s diplomatic effort to 
secure the withdrawal of the 
Argentines from the Falkland 
Islands. “The bigger the force, 
the less likelihood that it will 
be used " is certainly part of 
the Governments philosophy 
just now. For its part, the Mini- 
stry of Defence seems to be 
planning for a campaign that 
cold last months, not weeks. 

What is the strategy? Lord 


6The weaponry being deployed 
may be excessively complex 
for the job in hand? 


Hill-Norton, Admiral of the 
fleet and a former Chief of 
Defence Staff (v;ho once also 
served as Naval Attache in 
Argentina) believes that there 
will be at least three phases. 
The first is the establishment 
last Monday of the Maritime 
Exclusion Zone (MEZ), which is 
in effect a blockade designed to 
make sure the Argentine can- 
not supply the Falklands by sen. 
(South Georgia is not within 
the MEZ). 

The second phase would be 
tiie extension of Ibis to include 
an air blockade, which will 
probably be announced when 
the task force is within 500 


be established 100 per cent 
without casualties to our own 
forces.*' Lord Hill-Norton said 
yesterday. With “ iron clad 
defence " established round his 
carriers. Admiral Woodward 
would then sit tight with the 
Government in London hoping 
that a combination of Falklands 
blockade, economic sanctions 
and continuing diplomatic pres- 
sure against Argentina itself 
would result in a settlement 
If it did not experts believe 
Admiral Woodward would pro- 
bably be ordered to recapture 
South Georgia, an operation 
which would. Admiral • Hill- 
Norton believes, not be pardcu- 


c< / 

ad ■£.!.:*’ 




.■v' V* 


nMS Bfocxfaword 


miles of the Falklands— possibly 
10 days from now. The aim of 
tins “ air exclusion zone " would 
be to deny Argentina’s Hercules 
C130 transport aircraft the use 
of the sole airport of Port 
Stanley. The Defence Ministry 
said yesterday that it was now 
convinced that the 4,000 ft 
runway there had not been 
lengthened, which most experts 
agree means that Argentina 
would not be able to use its 
French-built Mirage fighters to 
escort the Hercules in. 

“In my judgment the air 
and sea exclusion zones could 


Brtna Radovic 


larly difficult for the estimated 
2-3,000 marine commandos 
with the force. South Georgia, 
inhospitable and sub-arctic 
though' It is, would then pro- 
vide a forward .operating base 
with landing’ for helicopters 
and possibly for the 20-40 
Harrier vertical take-off-and- 
landing aircraft with the force 
as well as anchorage for some 
vessels, all outside the range of 
Argentinian shore-based air- 
craft •• 

The recapture of South 
Georgia could also provide the 
troops with a useful exercise 
before the final phase — inva- 
sion of the Falklands them- 
selves. Obviously the 
Government hopes that a settle- 
ment .will have been readied 
before that is necessary. Ex- 
perts disagree on how far the 
Argentines have been or will 
be able to reinforce the islands, 
which in turn would affect the 
degree of danger to life in- 
volved In their recapture. . 

Bot/af the . task force now 
sailing sooth is in most respects 
highly capable, there are also 
weak points. Some are of a 
general nature — stemming, for 
example, from the hugely long 
supply lines 8,000 miles back to 
Europe. Others derive from the 
highly sophisticated nature of 
tiie ships and their weapon 
systems. 

The Government's concern 
with, the supply problem — "a 
staff planners nightmare " as 
one officer, put it — is already 
obvious from the large number 
of tankers and other support 
ships commandeered. Another 
considerable problem is the on- 
set in the next two or three 
weeks of severe winter condi- 
. tions in the South Atlantic. 


. . The suggestion that the Bri- 
tish force will arrive and, like 
Napoleon ■ before Moscow, he 
ultimately " defeated by the 
weather, is no doubt far 
fetched, • But "the South 
Atlantic sees some of the 
nastiest conditions, wftfv heavy 
seas and gale force -winds, often 
very low visibility and, ' around 
South Georgia, icebergs. Poten- 
tial problems ■ range from 
corrosion in ships end aircraft 
not conditioned . fog such 
weather, to the likelihood’ of 
weatheranduCed - delays and 
immobility.--: 

Three different problems 
might arise as raauriy a result 

of the sophistication of 

weaponry. The: fireiife that the 
extreme accuracy and speed- of • 
the new missHes - jronicaAly 
makes them a rather blunt 
weapon in a blockade where \ 
what might be wanted is an Old- 
fashioned warning shot ’-across 
the bows of, for example, a 
merchantman. Many • : modern 
warships have no guns at all, 
and those that do, have-.a«b- 
matie. rapid-firing weapons more 
suitable for ship defence. 

A second problem involves 
the Swifts ure class submarines 
currently enforcing the MEZ. 
These are che " RoMs-Rayce" -of 
the Rif's submarines— fast deep 
and long diving because nuci ear- 
powered and ideal for their 
normal job of bunting and, if 
necessary, killing Russian sub- 
marines in the east and north. 
Atlantic. They are much less 
happy in the relatively shallow 1 
and sonicaily confused waters , 
of the continental shelf around 1 
Argentina . and the Falklands. 
Their armament of Tigerfish 
torpedoes are likewise “blunt" 
instruments in a blockade situa- 
tion. 

These two examples lead on to 
a third, broader- problem be-. . j 
setting military establishments 
almost everywhere — that V of 
technological overkill. The vie a- 


‘Blunt 9 instruments 
in a blockade . ; 
situation .. 


ponry being deployed by both 
sides around the Falklands may 
be excessively complex for the 
job in hand. 

If the Argentine and British 
navies do fight, it will be the 
first time that -the new wea- ■ 
ponry, ships and. communica- 
tions have ever been tested in 
battle— in the South Atlantic 
or anywhere else. While this 
fact alone leads to a certain 
ambivalence (many people, from 
admirals to arms salesmen, will 
be fascinated -to see how the ' 
new systems actually perform. It 
win be surprising if the whole 
Falklands exercise does not 
strengthen the hands of those 
who insist that “more, cheaper, , 
and simpler" should be the rule 
. for military planners in the 
future. 




tr:- 




Letters to the Editor 


Noto 

From Mr P. Bathurst 

Sir, — The article “Nato and 
nuclear dependence ” by Ian 
Davidson (April 14) was very 
interesting, and while it went 
sbmeway to help, no one seems 
to have carried che ideas far 
enough forward. 

The major issues centred 
round the lack or manpower 
within conventional forces, and 
the high cost of both conven- 
tional and nuclear weaponry, 
hence the cost of Trident was 
sited as an example. 

There is a simple way round 
these problems, and it is a lesson 
which we should have learned 
from the Warsaw Pact countries. 
The basic idea we have always 
to remember is that Europe 
must stand together and not as 
separate entities. 

What is required is a central 
" Piggy bank ” policy, rather 
along lite lines of the EEC 
budget, with of course a more 
amiable set of governing rules. 
Each European Nato partner 
puts its defence budget into this 
piSSy bank, and a Nato army is 
then developed. This has 
several advantages, notably 
standardisation of equipment, 
and making sure no overlaps 
occur. 

Similarly, remembering still 
that it is Europe that is threat- 
ened, not just one country, we 
should develop a Nato nuclear 
deterrent. Britain is consider- 
ing buying Trident at a cost 
estimated in excess of £6bn. 
Spread this cost round all the 
Nato partners and we get just as 
much protection for a fraction 
of the cost 

The idea, as has been espoused 
by some, that Nato may collapse 
within the next few decades 
and hence UK needs a deterrent 
of its own, is not to be con- 
sidered. Mankind is growing in 
stature every year and it is not 
possible to conceive of anotber 
European war. It is likely that 
over the next 50 or so years 
countries will grow closer as 
travel and TV bring people to- 
gether. What is likely to hap- 
pen is the divergence of U.S. 
and Europe which will mean 


that the above policy will be- 
come even more relevant 
Paul W. Bathurst 
Charmcood, 

Portsmouth Road, 

Hind head, Surrey 

Falklands 

From the Chairperson . 

Milton Keynes Peace Campaign 

Sir, — It seems to us a tragic 
thing that Britain can set rail 
for battle in National Peace 
Week. We therefore welcome 
the more realistic view of the 
Falklands crisis which is now 
being taken by some members 
of Parliament. They are begin- 
ning to realise that islanders 
and possibly thousands of 
troops will lose their lives if 
we take the islands by storm. 

Any military success — and 
there is no guarantee that it 
will be a success — will be 
accompanied by sunken ships 
and heavy losses among the 
landing forces. And the mas- 
sive effort to defend the recap- 
tured islands could never be 
sustained. 

The economic costs of the 
operation — the transport costs, 
equipment costs, and the costs 
of a trade embargo— are almost 
enough to make millionaires of 
every Falklander. 

We must abandon all plans 
for a military encounter and 
pursue energetically every 
opportunity for reaching a 
negotiated long-term settlement 
through the UN. 

We are told by the Foreign 
Secretary that “Britain does 
not appease dictators.” Yet the 
Argentinian navy has several 
warships bought from Britain, 
and earlier this year Britain 
provided training facilities in 
Wales for the same navy. Until 
British foreign policy is based 
.on peace and justice we must 
expect to be at the mercy of 
the dictators we help to sustain. 
Anne Watson. 

I. Martin ClosQ.fleath Hill 
Milton Keyjies, Bucks. 

From Mr C. Pctrow \ 

Sir,— There is an eminently 
sensible solution to tMf Falk- 
land Islands problem which I 
commend to the attention of 


wthlch I 
\ : 


the interested parties as soon 
as the immediate crisis has been 
resolved. It is, quite simply, to 
transform the islands into an 
international wildlife refuge. 

The Falkland Islands harbour 
is one of the richest and most 
interesting concentrations of 
birdiife of any place in the 
world. Among the hundreds of 
thousands of birds which breed 
there are five species of 
penguin and some notable 
species of waterfowl, including 
the flying stsamer-duck and the 
Falklands flightless steamer- 
duck. 

The British and Argentine 
Governments should be per- 
suaded to renounce their claim 
to the islands, sovereignty over 
which would then be vested in 
one of the specialised agencies 
of the UN, which would turn 
the islands over to the World 
Wildlife Fund to administer as 
a widlife refuge. No change in 
the lifestyle of the Falkland 
Islanders would be necessary. 
They have lived in harmony 
with their avian neighbours up 
to now and there is no reason 
why they should not continue 
to do so. It should not be diffi- 
cult to devise a statute of local 
self-government under which 
they could administer their own 

affairs. A programme of visits 
by ornithologists and bird- 
watchers could be an additional 
source of income for them. 

At the sacrifice of a claim 
over territory which has no 
economic or strategic value to 
either of them, Britain and 
Argentina would earn the 
a dmir ation and gratitude of 
those millions of citizens of the 
world for whom preservation of 
our natural heritage has become 
a matter of paramount concern. 
Chris G. Petrow. 

25 St James’s Street, SW1 

From Mr G. Moffat 

Sir.— Some of your recent cor- 
respondents should be reminded 
that the British Empire was 
built by trade and it is by trade 
that the UK will survive and 
prosper. Military action will In 
the end only serve to damage 
for decades our trading pros- 
pects in Argentina and in other 
parts of Latin America. 

The Falkland Islands were 


at one time used as a coaling 
station for the British Fleet 
but in 1982 the logic of British 
sovereignty is difficult to argue 
bearing in mind their remote- 
ness from the UK and their 
inevitable dependence on 
Argentina for fuel, air services 
and, communications, etc. 

As far as the islanders them- 
selves are concerned, any who 
wished to leave could be com- 
pensated generously at a frac- 
tion of the cost that a military 
excursion would incur. 

Finally, I believe comparisons 
with Neville Chamberlain and 
Munich are not relevant to this 
situation and only serve to mask 
the real issues. 

G. A. M. Moffat 
Wilmaton, 

Hall Lane, 

Mobberley, Cheshire. 

Late 

From Mr N. Smith 

Sir,— When companies and 
their secretaries . come to con- 
sider the type of underhand 
practice described by Mr R. 
Adams April 8) I wonder if 
the plight of overseas Share- 
holders might also be borne in 
mind. 

An Australian-based company 
gave notice of its AGM on 
January 29. posted the notice on 
February. 2, held its AGM on 
February 25 and ’ the notice, 
report, etc arrived at my home 
on April 4 thus effectively dis- 
enfranchising- the shareholder. 
Is this a record? Would such 
companies consider using adr- 
rnail post please. 

N. F. G. Smith. 

Vynes Farmhouse, 

Staunton, Gloucester, 

Stubs 

From Mr C. Olding 

Sir, — As a Lloyds Bank 
customer of 30 years* standing, 
I was interested to read the 
article of April 10 particularly 
as I have just received one of 
the new cheque books. 

I was not a contributor to the 
bank's consumer research but T 
have for some time felt that this 
new type of “ stub " might have 
advantages. My wife and I get 
through about eight cheque 


books a year between us on our 
joint account and I find the 
traditional stubs bulky and 
awkward to store. It should be 
possible to file the new type 
easily with the statement. 

As for the colour and style of 
the new cheques, I still have the 
first cheque I ever drew (in 
January 1952) and can therefore 
vouch for the fact that the 
bank’s cheques have remained 
essentially unchanged at least 
since then, uxflike almost every 
other bank. To me, colour and 
style are relatively unimportant 
but nevertheless I find the new 
cheques quite attractive. If 
they result io reduced costs to 
the bank and the holding of 
charges at present levels for 
longer. I shall find that even 
more attractive! 

C. Olding. 

Bishop’s Green Farmhouse, 
Newbury, Berkshire. - 

Woodworking 

From the General Secretary, 
Furniture, Timber and Allied 
Trades Union 

Sir,— We are concerned 
regarding the report (Building 
and Civil Engineering, April 5) 
relating to the protest of the 
British Woodworking Federa- 
tion against prison production 
of doors for commercial sale. 

While we fully endorse the 
BWF’s opposition to this prac- 
tice, we regret its suggestion 
that prisoners should instead 
be engaged in the making of 
kitchen cabinet doors, on the 
ground that they are mostly 
imported. If such import- 
substitution is to take place, 
the substitute articles should be 
produced by non-prison labour 
in ordinary factory workshops. 

The furniture and woodwork- 
ing industries generally are in 
an extremely depressed state. 
The severe recession of 1980, 
was followed by a further 
deterioration in 1981. 

We have carried out two sur- 
veys, by means of question- 
naires to our organisers, of the 
situation in the furniture, 
timber and allied industries. 
The first revealed that, in the 
first 10 months of 1980,- there 
had been 132 factory closures. 


over 10.000 jobs had been lost 
and over 1S.OOO workers had . 
been put on short-time working. 
The second survey, carried out 
last year, indicated that there 
had been a further 73 closures, 
another fltfOO of our members 
made redundant and in the 
region of another 7,000 put on 
short-time working. This is the 
truly appalling situation with 
which we are faced. 

Department of Employment 
figures show that between 
December 1979 and December 
1981 employment in the timber 
industry fell by about 19 per 
cent, while the fall in furniture 
and upholstery was in the 
region of 21.5 per cent. 

Over two years ago we made 
representations on this matter 
to the prison authorities: We 
also expressed our view at the 
1980 Trades Union Congress, 
where we submitted a resolu- 
tion on the subject While pro- 
vision of facilities for rehabili- 
tation of offenders is to be wel- 
comed, we deplore the produc- 
tion in prisons, on terms grossly 
inferior to those specified in 
relevant industry collective 
agreements, of articles for sale 
in the commercial market. 

B. Rubner. 

F airfields, 

Roe Gretn, 

Kingsbury, NW9 

Trusts 

From Mr C. Donald 
Sir,— Surely in his article on, 
April 10 Tim Dickson should 
have been still more critical of 
certain trust managers. Had 
their selection of holdings been 
more discriminating, the trusts 
would he a splendid bargain to 
a big buyer at a discount of 
25 per cent or even much less. 
For some years now these 
managers have had every 
encouragement to improve their 
performance. Not having done 
so, tbeir only fair and reason- 
able course would seem to be 
to offer their shareholders 
liquidation, enabling them to 
re-invest in g mnptii hrg more 
rewarding. 

C. R. C. Donald. 

■W Geraldine Roc d, 

Malvern. Wares. 


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.. -3 

- 


Financial Times -Saturday April 17 1982 

Patrick Cockbum, in Jerusalem, reports on the growing uproar in Israel’s largest occupied territory 

The political vacuum on the West Bank 



“WITH ALL those simmering 
crises, something is bound to go 
pop." a diplomat said gloomily 
in Tel Aviv last week. “ There 
are a bast of nasty possibilities 
all waiting to happen." He was 
referring to the Palestinian 
unrest on the West Bank, last- 
minute Israeli hesitations over 
withdrawal from Sinai, and 
Prime Minister Menahem 
Bogin’s oft-repeated threat to 
invade southern • Lebanon. 
■ In the event, the unexpected 
happened. Early on Easter 
Sunday morning, an Israeli 
soldier of American origin, 
named Alan Goodman, burst 
through a gate on Temple 
Mount in Jerusalem. He cut 
down the police, and guards 
with a few bursts from his M-16 
automatic rifle, and ran to the 
Dome of the Rock Mosque, the 
third holiest shrine in Islam, 
where he killed a guard trying 
to close the door. By the time 
Goodman ran out of ammuni- 
tion and was arrested by 
Israeli soldiers, 'Moslems were 
pouring from their close-packed 
houses in the Old City of 
Jerusalem to protect their 
shrines on Temple Mount, 
where traditionally only 
Moslems are a lowed to worship. 
A bloody riot followed. 

- In a few moments' shooting, 
Goodman had provided a simple 
focus for all the resentment felt 
by Palestinians against Israelis 
and Moslems against Jews. 
Perhaps he intended to do just 
this, and, if so, he succeeded. 

On Easter Monday, a seven- 
day strike started in Jerusalem, 
and the occupied territories of 
the West Bank and Gaza. Of 
the tens of thousands of 
pilgrims and tourists in Jeru- 
salem for Easter and the pass- 
over. only a few of the hardier 
dared walk the narrow alley- 
ways of the Old City crowded 
behind its medieval wall. Two 
days later, much of the Moslem 
world responded to a call for a 
solidarity strike from King 
Khaled of Saudi Arabia. Some- 
thing. in the words of the 
diplomat, bad gone. pop. 


For Arabs, the attack on their 
holiest shrine symobolises what 
they see as their vulnerability 
to Israeli attack and their 
impotence to do anything about 
it The local Moslem leadership 
in Jerusalem denounced the 
assault as the fruit of a con- 
spiracy by extreme Zionists. 

The Israeli Government sees 
the attack in more mundane 
terms. It says it was the work 
of a sinle, deranged individual, 
a tragic episode now concluded. 
It compares the shooting with 
the attempt to assassinate the 
Pope last year, or the takeover 
■ of the main, mosque in “Mecoa ■ 
by Moslem extremists in 1979. 
Mr Begin believes that Arab 
leaders at home and abroad are 
simply trying. to make. political; 
mileage out of a lone gunman; 

But foe Easter rinraaing 
shootout is likely to have much 
more long-term effects. It came 
at a time when the 1.1m Pales- 
tinians on the West Bank and 
in the Gaza Strip were already 
in uproar. The gut- religious 
issue of defence of the holy 
Moslem shrines cements the 
unity of radical and conserva- 
tive Paestifiians and provides a 
focus for their resentment. In 
many villages, young demon- 
strators now shout: “ Allah 
Akhbar ” — “ God is great " — 
rather than “ Palestine is Arab,” 
or similar nationahstic slogans. 

Since Mr Menahem Begin 
came to power as a right-wing 
Prune Minister in 1977, the 
Palestinians have felt under 
increasing threat Most mem- 
bers nf his ruling coalition are 
committee -to retaining absolute 
control of the West Bank — 
officially called Judea and 
Samaria — and Gaza. This is not 
merely as a cordon saniiaire 
against attack from hostile Arab 
states, hat because they see the 
area as part of the historic land 
of Israel 

Since 1977 the. number of 
Israeli settlements has been 
stepped up with strong en- 
couragement from Mr Ariel 
Sharon, Agriculture Minis ter 
up tp 19S1 and now Defence 
Minister. By the end of this 



Muted Egyptian response in 
run up to Sinai handover 


EGYPT IS determined that 
the current West Bank tnr- . 

moll should not be allowed to 
affect the return by Israel of 
-the- fiiuV portion- of Sinai on . . 
April 25. Although Egypt has 
deplored t the violence . and 
regretted ! Israel's, unwilling- 
ness to make - conciliatory ges- . 
tures to the Palestinians 
living under occupation, it has - 
.been careful ‘notf to .threaten 
or. Imply there 'will be “any 
radical chan ge uf policv affect - 
ing' the' peace treaty after the 
Sinai handover." 

Mr Walter Stoessel, the 
American Deputy Secretary of 
State, has been, visiting 
Jerusalem and Cairo this week 
to help botir Sides resolve re- 
maining problems and as a 
demonstration of VA commit- 
ment to t£e terms of the peace 
treaty. 

But after April 25 most bets 
axe. off! President Hosnl 
Mubarak- o£ Egypt appears to ' 
see , little point in continuing 
the unproductive talks on 
Palestittiair autonomy for the 
West' Bank and Gaza 


The Americans, who also 
suspect that Camp David has 
run its course, have yet to 
suggest any alternative form 
of diplomatic machinery. 
More extreme Israelis may 
therefore argue that the time 
is ripe for- the West Bank To 
be incorporated formally into 
Israel proper. 

Whether that happens may 
depend greatly on the assess- 
ments which are being made 
of President Mubarak and his 
; Government. He undoubtedly 
wishes to rebuild bridges 
with more moderate - Arab 
regimes and some of his key 
advisers have strong Pales- 
tinian sympathies. 

But he will not wish to take 
any preeipiate policy decisions 
or to risk confrontation with 
Israel. The real test for Mr 
1 Mubarak and the durability of 
the peace treaty seems at the 
moment most likely to be 
posed by what happens over 
the eoming months in the 
West Bank. 

Roger Matthews 


Mr Menahem Begin: 

summer there are scheduled to 
be 30,000 settlers in 102 settle- 
‘ments scattered along the Jor- 
dan Valley and the steep range 
of hills -which separate it from 
the ' Mediterranean. It is the 
settlement policy more than 
anything else which has in- 
creased Palestinian militancy. 
Many fear that they will ulti- 
mately be expelled. Bv 1985 
the plan is to increase the num- 
ber of settlers to 100.000, in a 
not very large area. The whole 
of the West Bank takes only 
a few hours to drive from north 
to south, and is only about the 
same size af Luxembourg; 

Some of the new settlements 
will be urban dormitories for 
Israelis working in the main. 


determined to crash the PLO 

cities, such as Tel Aviv and 
Jerusalem. Others are agricul- 
tural settlements, particularly 
in the Jordan Valley itself, 
where. Palestinians say that half 
the cultivatable land is now 
owned by Israelis. They also 
consume some one-third of the 
underground water resources, 
which are almost as important 
as land ownership for produc- 
tive farming. 

. Driving through the West 
Bank at night, it is easy to 
understand Palestinian fears. 
Necklaces of light from Israeli 
settlements crown the hills, 
crowding around Palestinian 
towns, like campfires around 
besieged cities. The Palestinians 
complain that their best land is 



An effective U.S. 
weapon for 
nuclear disarmers? 

- U.S. publishers seem to find 
Armageddon attractive. A year 
or so ago. iheir lists were full 
of books about an iminent finan- 
cial collapse. Today, they are 
concentrating on a grimmer 

Horse sponsors 
jump 

up-market 

Among the many thousands who 
will flock into the Duke of 
Beaufort’s beautiful park at 
Badminton in Gloucestershire 
this weekend for the annual 
Three-Day Event Horse Trial 
championships, few will notice 
— unless they read their pro- 
grammes carefully — That a 
significant new trend is emerg- 
ing in this branch of' eques- 
trianism. It' is commercial 
sponsorship. 

Out of more -than 100 horses 
originally entered for this pre- 
mier event in the British Horse 
Trials calendar (the number of 
runners this weekend has been 
whititled down to 79), no less 
than 31 are sponsored by com- 
mercial and industrial organ- 
isations. 

While show-jumping, with its 
extensive TV coverage, has had 
commercial sponsorship for 
years (Sanyo, Everest Double 
Glazing and the Norwich Union 
Insurance group spring to mind 
out of scores), it is only com- 
paratively recently that it has 
spread into Three-Day Eventing, 
the up-market end of eques- 
. tnanism. 

The Midland Bank has been 
for a long time the great patron 
of this branch of riding in 
Britain-, sponsoring with cash 
prizes and other financial help 
over 100 specific events through- 
out the country this year alone. 

But .what is now happening is 
that commercial companies are 
moving in io sponsor individual 


type of holocaust About 40 
books on nuclear issues are ex- 
pected to hit the bookshops in 
the coming months — a remark- 
able tribute tp the surge of 
concern, about nuclear warfare 
which Is currently under way in 
the UA 

The titles range from the 
cute Nuclear War: What's in it 
for You? - To the portentous 
Radiation and Human Health. 
But one already stands oat 
above the others as a potential 

• best seller.-, Jonathan Schell’s 
The Fate of the Earth has 
nicked up an, extraordinary 
volqme of. publicity for a book 
which is not officially due to be 

. published by Alfred A. Knopf 
until the end of the month. As 
a result, the initial print run has 
been extended to 75,000 copies; 
the Book of the Month .Club has 

• decided to offer it io its lm plus 
members at cost ($2.25); and 


foreign publishers have been 
falling over themselves to pick 
up the rights. . It is scheduled 
to be published in Britain simul- 
taneously by Cape and Pan in 
early June — which just hap- 
pens to be the time when the 
UN debate on nuclear disarma- 
ment is -expected to be under 
way. 

Originally published in the 
New .Yorker magazine earlier 
this year, Schell’s book is a 
powerful blend of science, moral 
philosophy, and undiluted emo- 
tion. The Wall Street Journal, 
which has strong views on these 
matters, said it 'was nonsense. 
But most of the other early re- 
views have ranged from the 
reverent to the ecstatic. The 
publishers, with a due sense of 
modesty, suggest that it “may 
someday be looked back upon 
as a crucial event in the history 
of human thought." 


The Fate of the Earth is 
divided into three long sections. 
The first gives a terrifyingly 
vivid picture of the potential 
impact of a nuclear holocaust, 
and suggests that there is at 
least a chance it would end in 
the extinction of the human 
species. The second tackles a 
number of fundamental ques- 
tions which are raised by the 
possibility that the living can 
stop future generations from 
entering into life. The third 
concludes that only by taking; 
positive efforts to forestall' 
nuclear warfare can we avoid ; 
sinking into a kind of lethargy; 
which must end in disaster. 

Schell has aimed the book 
directly at those readers who 
would pTefer not to think about 
the possibilities. It could prove 
an effective weapon in the hands 
of nuclear disarmers 'every- 
where. 


being progressively confiscated 
for settlements. The reason 
given by the authorities is that 
4t is statelazuL is -not properly 
registered, or is needed for mili- 
tary reasons. 

Around the Arab town of 
Hebron, 24 miles south of 
Jerusalem, the settlement of 
Kiryat Arba was one of the first 
to- be established. Its gaunt 
blocks overlook : Hebron itself, 
where Abraham and the Pat- 
riarchs are burigd, and. in 12 
years- its population has grown 
to 700 f antilies and 5,000 people. 
A further settlement is planned 
on a bleak hilltop nearby, which 
a local resident pointed, out was 
not used by local. Arabs: But 
the road to be constructed .be- 


TOMORROW: .Department for 
National Savings*' monthly pro- 
gress report for March. 
MONDAY: . Provisional retail 
sales -figures', "for March. Indus- 
trial and commercial companies 
capita), account and net borrow- 


tween the two will run ‘throu^b 
rich agricultural land Q vnwa_ D J 
two notable local Arab families. 

Many of these ttlers live on 
the West Bank because it is 
easier, and usually cheaper, for 
an Israeli to get an apartment 
there than within Israel proper. 
Easy -term grants and loans are 
available. The Government may 
have spent up to $60<hn in settle- 
ment housing and infrastructure 
over the last five years. 

' But dt is 4he fanatical Zionists 
amo ng the settlers who most 
frighten the Palestinians. 
Almost all the settlers cam' 
arms, either the traditional Uzi 
sub-machine gun, or pita Is, and 
. over the past few months they 
have been increasingly to the 


fore in 'quailing Palestinian 
demonstrations. Diplomats 
believe that these ragtag vigi- 
lantes form one of the greatest 
threats for widespread com- 
munal violence. 

The settlements also appear 
to doom any prospect Mr 
Begin's Government might have 
of encouraging a local Pales- 
tinian leadership which is not 
sympathetic <to. the Palestine 
■Liberation Organisation. This 
probably never had much 
chance of success. A recent 
opinion poll, taken by a poli- 
tical scientist at Nablus Univer- 
sity, showed 6fi ■ per vent of 
Palestinians in the occupied 
territories accept the PLO as 
their sole Jegttamate represen- 
tative. While local conditions 
are hardly comhicive to scien- 
tific accuracy, this survey is 
probably correct. 

Yet. the new dvfl administra- 
tion of the West Bank, estab- 
lished in December last year to 
replace the military government 
which ruled the area since 1967, 
is frying to create an alterna- 
tive-leadership. This is to be 
done by judicious use of 
patronage and funds to the 
Village Leagues, shadowv local 
organisations on the West Bank, 
whose Palestinian membership 
is prepared to co-operate wfth 
the .Israelis and is hostile to the 
PLO. 

The hope of Professor Mena- 
hem Milson, the new civil 
administrator of the West Bank, 
is that the leagues can be built 
up -to replace the existing muni- 
cipal organisation, which he 
sees as being under the con- 
trol of PLO representatives 
elected in 1976. To this end, 
three of the most prominent 
West Bank mayors, including 
Mr Bassam Shaka of Nablus, 
the largest West Bank town, 
were dismissed last month. The 
reaction was two weeks of riot- 
ing, which left eight dead. 

Overall.' the situation in 
Jerusalem and the occupied 
territories now looks much 
worse than at any time since 


1967. Demonstrations and 
strikes have spread to small 
villages previously passive. 

“The solution in the area 
must be political and not mili- 
tary," said Gen Uri Orr. com- 
mander the troops on the 
West Bank, earlier this week. 
“I can enforce order' for a 
month or two. or half a year 
— no -snore — if -this isn't accom- 
panied by political processes." 

But there are few signs that 
Mr Begin’s Government has any 
realistic political solution -in 
mind for the problems of the 
occupied territories. He is 
. determined to prevent the 
creation of a Palestinian slate 
and to try to crush the PLO 
at home and abroad. The result 
is that the lack of a coherent 
policy towards the Arabs under 
Israeli control leads to ex- 
tremists filling the political 
vacuum. 

This is particularly dangerous 
since Palestinians tend to see 
the hidden hand of the Israeli 
Government controlling the 
actions of extremist settlers and 
their mentors. Similarly. Mr 
Begin and his Government see 
the West Bank mayors and the 
local Palestinian leadership as 
being under the control of the 
PLO. 

This increases the temptation 
for Mr Begin to seek to resolve 
the political difficulties on the 
West Bank by a military strike 
at PLO bases in southern 
Lebanon and Beirut. As a 
former guerrilla commander, he 
tends to think of politics in 
terms of sudden forays, surprise 
attacks, military or political. . 
against bis enemies, wherever 1 
they may be. But it is doubtful 
if a military clampdown on 
Palestinians at home or an 
attack on the PLO in Lebanon , 
would achieve very much. A 
political solution would still be 
needed. But so long as the , 
present vacuum of policy con- 
tinues, the opportunity is there 
for relations between Israelis 
and Palestinians to he deter- 
mined by a lone, demented gun- 
man. like Alan Goodman. 


Economic Diary 


ipg - xpquiratnent. for. fourth 
quartan TheC Houses of Parlia- 
ment ' fc reco|iveoe.' ' European 
Parliament sorts five-day session 
In. Strasbourg . M Gaston Thorn, 
President of pe EEC, meets Mr 
Francis d’ym.tPoreign Secretary, 
in London to discuss EEC budget. 
WesternJ>anks discuss reschedul- 
ing ' of Romanian debt in New 
Yoric NUS beets Sealink and 


TUESDAY: EEC Agriculture 
Ministers start three-day meeting 
in Luxembourg on price pro- 
posals. Spain expected to lift 
blockade on Gibraltar. Timetable 
motion in Commons on the 
Employment Bill. 

WEDNESDAY: Cyclical indica- 
tors for the UK economy for 
March. Indices of average earn- 
ings for February. -Indiees of 
basic rates of wages in March. 
Publication of the Queen's 
awards for export and tech- 


nology .Mr Francis Pym, Foreign 
Secretary, attends Easter banquet 
at Mansion House. Commons 
debates Government expenditure 
plans White Paper. U.S. issues 
first quarter GNP. The Henley 
Centre for Forecasting confer- 
ence on “ Exchange Rates in the 
Eighties" at the London Press 
Cent re. 

THURSDAY: New construction 
orders for February. Preliminary 
estimate of consumers' expendi- 
ture -for first quarter. Public 
sector borrowing requirement 


and details of local authority 
borrowing in first quarter. Su- 
Geoffrey Howe, Chancellor of the 
Exchequer, speaks on budget and 
business opportunities at 
Sandown Park Racecourse. 
Malaysial general election. NAFF 
1982 annual conference in 
Bournemouth (until April 25 ». 
International Idea! Homes 
exhibition opens at the NEC, 
Birmingham (until May 3). 
FRIDAY: Retail prices index for 
March. Tax and price index for 
March. New vehicle registrations 
for March. Sales and orders in 
the engineering industries in 
January. 






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paying a fortune in taxes. investments (there are ninefunds to choose from) orjust 

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fete* We’ve been looking after people's money for 138 

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"In1982,wedidn , t ^ 


fy&st 

mf- 


Lucinda Green (u£e) Prior-PaJmw) takes a plunge last August. Although the jump 
Sank togb, her hone is sponsored by Overseas Containers 


3 


ton 
me to 


Midland 


horses and riders* and the trend 
is accelerating. The- sums in- 
volved are rarely;, disclosed, 
being privately agreed between 
sponsors and riders. But for a 
three-year deal, covering two or 
three horses, it can amount to 
as much as £ 100 , 000 , although in 
practice most arrangements are 
for much smaller sums. The 
honse is. entered for an event 
under the sponsor’s name as 
owner, and the rider Is helped 
considerably with the heavy 
burden of costs, but there is 
no question of any personal 
income being derived by the 
rider, from such sponsorship. 

Running a Three-Day Event 


horse can be expensive, costing 
several thousand pounds for a 
top-class performer af feeding, 
stabling, equipment, farriers' 
and vets’ bills and transport 
costs (especially to overseas 
events) are all taken into 
account. 

Sponsorship benefits both 
sides— the riders being relieved 
of financial worry and left free 
to concentra t e on riding and, 
they hope, winning, and the 
sponsors gaining much publi- 
city, especially with top-class 
riders and horses who win 
notional and international 
honours. There can be few who 
have not heard already of Over- 


seas Containers' sponsorship of 
Lucinda Green (n£e Prior- 
Palmer). with such -horses as 
Beagle Bay and VHJage Gossip; 
and Range Rover's sponsorship 
of Captain Mark Phillips with 
Classic Lines and other mounts. 

Many others can be men- 
tioned, including British . 
National Insurance, Planters , 
Nuts and Preci-Spark, and the 
list seems likely to grow, as 
costs continue to rise inexor- 
ably. Most sports are under 
heavy financial pressures, and 
Three-Day Eventing Is no ex- 
ception. Commercial sponsor- 
ship is a welcome means of 
relief • • 






Equity & Law 

One day you’ll thank us 


Hfe 




m 


we. 


Penguins in 
danger of 
being picked off 

More than 4m penguins on two. 
privately owned islands m the 
Falklands — described by their 
owner in the Cotswokfe as a 
uraque wildlife summary— are 
at risk from military operations 
in the area and in the long term 
could possibly be slaughtered-, 
for commercial purposes. 

Grand Jason and Steeple 
Jason Islands, on the north-west 
tip of the Falklands group, 
were purchased for £5.500 in 
1970 by Mr Leopard Hill who 
also founded the well known 
Bird! and wildlife park at 
Bourti>n-on4Ue-water in Glouces- 
tershire. Mr Hill died at the 
age of ‘70 in December on' a 


flight returning from the Falk* 
lands. 

The ownership of the islands 
oassed to his son. Mr Richard 
Hill, and in accordance with 
his father’s wishes, rhe deeds to 
the Jasons have, been handed 
over to the Jason Islands Trust, 
set up with the backing of the 
naturalist Sir Peter Scott. 

Mr Hill’s immediate fears are 
that, naval action in the area 
would almost certainly lead to 
oil pollution- "which could des- 
troy much of the pengum aim 
wildlife population. In addition, 
the strategic position of the 
Islands could result in landing 
there or their use for a radar 
station. 

He is also concerned about 
the activities of a private Argen- 
tinian company. Honode Pen- 
guins SA. which is reported to 
have killed large quantities of 
penguins in Patagonia for 
export of skins, and meat to 
Japan. It is also* understood that 


this company is seeking to have 
the Argentinian laws covering 
penguin killing relaxed further, 
which in the long term could 
threaten the Jasons colony, 
which has increased rapidly 
since sheep were removed from 
the islands in 1970. 

Mr Hill believes that if the 
Argentinians retain control of 
the Falklands, the private 
ownership of the Jasons would 
be respected, but he is also 
aware of the possibility that it 
might not. 

Mr Hill hopes to visit the 
islands for the first time in 
November to scatter his father’s 
ashes, as he had requested. He 
will also take from Birdiand to 
the Jasons the first Black 
Browed Albatross known to 
have been bred in captivity. 

The bird was artificially 
hatched at Birdiand recently 
from an egg brought from an 
unattended nest by bis 15-year- 
old sou Michael, who was travel- 


ling on the same flight as Mr 
Leonard Hill when he died. 

The family have a strong 
attachment to the islands, and i 
Mr Hill is critical of their 
-neglect” by the British 
Government, 

Mr Hill said: “As a wildlife 
conservationist, I am acutely, 
aware of the dangers which 
threaten tins wonderful archi- 
pelago. It is not just the pro- 
fusion of penguins, albatrosses 
and wild geese, nor the warm 
hospitality of 4he people, 

“The sheltered inlets and 

ragged coastline, the dramatic 
wrecks, the bright sunshine and 
keen winds, an combine to make 
the Falklands what they are 
and to make them eminently 
worthy of our attention.” 

Contributors; 

Richard Lambert 
Michael Donne 
Lome Barling 




KilJj 







777 7 ; - •'"'$£ . • . ■ - 

»v»- -. "w : 




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* 





Compaaiss and Markets 


UK COMP 


fails to sustain recovery 


T^ABUS PROFITS of Unread reduced demand in the UK in 

first half to January 30 the group's aircraft and Fabco 

|3S2 or £150,000. compared with activities. Also its Canadian sub- 

josses of £242,000, have not main- sidiary had a disastrous first rjiiwnt *nf *" spondi&3 f or 

tamed the surplus or £329.000 half, losing £85.000, following a naymenl div. year 

earned in the previous second six rapid decline in the North RriL FmB i re gees. inL^O’™ *Mayt7 05... — 

“ <m0,s - American economy. K JunVs 0.7 U 

And with earnings per 25p On the commercial side, there Arthur HenrUiues 15 — 

share of this cold forged fastener was a further reduction in losses unread inL Nil — T1 


DIVIDENDS ANNOUNCED 

Dale Carre- tow* 


Current 


BriU Empire Secs. inL- 05 

Horace Cory 0.7 

Arthur HenrUiues 15 


Total 

last 

year 

n.s5 

1.3 

1.3 

-.p plated 


BIDS tyfy : BEa£S. 

. - . . : rm'-- .*•* .f 


“««are ot inis coin forged fastener was a turuiur miucuun in unread rat. mi — »hprwt'r 

maker given as 2.03p i5.84p although demand remained at Dividends shown pence per share net except where • cap na 

tviHnut ai. ■ ■■ ■ ■ . 4Ln ilrtftMi'UBil launl rtf 4 Via rt PC. ^ a » _i a . * 1 £*■* pnem 1 W I IP. ■ • 


losses) the interim dividend is 'he depressed level of the pre- 
again being missed. Last year a y ,ous year. A ma)or steel price 


final of lp net was pait increase implemented by 

, ,, , . group s suppliers in January i 

w ._‘~ r .. A - Lynall, chairman, other cost increases will redi 
says the outlook for the sec on/ the cmnmercial division's ir. 
half looks varied, with some gJns in t he second half. As there 
improvement at the Canadian jg no sign of any pick up in. 
subsidiary and at Fabco. but he demand, this division's per- 
says that unless the economy formance will deteriorate in 
improves this will be more than second half. Mr Lynall adds. 

2^:^ and * jssu-sjw.* 


increase implemented by the I ; — 

group's suppliers in January and CSDPnses „£ £75.000 (£70.000)— 

ntUnr rtrtL'f InflPAOCIU Unll TAfllirn _ K ... ■ ■ i A. J.Lt. 


other cost increases .will reduce f 0r a f u |j provision against debts 
the cmnmercial division s mar- due f rom ^ Lorean. 


•Equivalent after, allowing for scrip i® 11 ®- 'jjtnck- 
increased by rights and/or acquisiti on issues. * _ _ — 

rases of £75.000 (£70.0001— TW*«7r»tlim 
a full provision against debts Iflj yy V IU *■* 
from De Lorean. 

ix. consisting entirely of j TT-.n/'D 
■seas charges, took £9.000 Or rfQfff.L'C 
iruvii onH nftor ortranrHinarv A 


■ - - V<-, 

[efuge Assce. buying SmS 
ivestments for £13.8m 

• , have ajxepttd all offer of Uf»P 

RIC SHORT - • : '"v per sh^efftirnbusiues-i interests 

e Assurance is. making retain a aecund the £. S2EF 

Bd.SUAnUd'lo.aMPiin ' c^prefenme* acSS^n tiftttSer i& obiata a cent their^DE-TOtin^ shares. 
3,000 ordinary and 540,000 Each G aflA c preiei^^. of;|Wtmenta for its . TVW . Enterprise thc . ve ,£. 

ice shares vSGotnlwaA {g* 1 * "** *?' *that SiiSd generaU-abd ahardiolders vision company Trtadedj ** 


lercial .Investment Trust. . — . — ,-_t. R~:^~u nn - fasds. It jMroeew.TO pc win «auui nc#inics..« 

offer for the Ordinary Is rc ^*5fJ m ,,r <l, iw7 4 «« cent' -75 her jejrt tf the G and -C tier ' bid for. ACC, ttw 
ed to give ^arehoWera the ^Holders sSLfclriU \e P «kedS fotri portfolio - to; Its funds. The offer worth lttp -P^ 

? sr t*tfs -st'sus aw* 


Tax. consisting entirely of 
overseas charges, took £9.000 
(£19.000) and after extraordinary 


formance will deteriorate in the debits of £140.000 toil) for the 
second half. Mr Lynall adds. loss on the sale of LinfasL and 
Taxable nrnfits were struck minorities, less tax. of £32.000 


Last year's second half profits 
were not maintained because of 


Taxable profits were struck - - 

after Interest payable of £129.000 (same), the attributable figure HALF pre-lax P r 9 

(£235.000), depreciation £218.000 emerged as a deficit of £31,000 SECOPra W . ^ m , ra i 

/noinM. «minlinn 3 l ^913000). at MUraCC V.UIJ* . f| 


Cory 


■ the date the offer goes 
traditional. as a max of Refuge 
Bnarv shares plus cash,. 
FennK of the offer are that for 
try five ordinary shares held 


*****? * “ ™ ^ : r^e tic »W-r£8«-^SS 

an investment trust - Thewnalnderof tha.asaets am-cs have \o h ? /JHJJS 

^^^rrSg^uedat will* SI iSS 


(£233.000) 


exceptional (£313,000). 


Samuel Montagu raises $60m 


Samuel Montagu, the London which is now the parent corn- 
accepting house owned by Mid- pany for the group. 


land Bank, has Increased its „ . . .. 

capital base substantially Mr s »allf«n CwJJL the 
through the issue of a S60m Q J Samuel Monrafni. says in the 
seven-vear flnaline rate note bank 5 annual statement for 19S1 

» K GLi » i* SS >»?* >"« «?«««■ ™ 
f ° r • L °” don sSThr 

inghoJel"^ Sam«l Kalu has - "“'J 

only a small amount of loan m , oro ' uUy Jf* fi . r ° wth n ^? lch fP 2 
capital on its balance sheet and P lan "?. d over the Dext few 


Mr Gadd says in his annual 
statement that despite the 
absence of the quite exceptional 
bullion profits earned in 1980 and 
the pressnre nf increasing costs, 
the profits for 1981 were once 
more very satisfactory, with 
increased contributions to group 
profits being made by ail parts 
of the croup. Guycrzeller 


of thc transactions is to 11 meet Zurmont Bank's contribution is 


more fully the growth which is 


£133,000 to £I2, -°E'J foil 1 
for 1951 «* ■JfEJ* f a ||| 
£311,277 to £206.169. •}* J 
the final dividend ' j 

at 0.7p, the years low* >1 
from 1.3p to 1 J P- c il 

Turnover increased ■ 

from £2.38m to £2.4«m. huj 
ing profits dipped frwj ' 4 
to £170.609. The pre-«ax ■ 
was struck aDcr >■ 
receivable of £3a.o.. H 
C52 546. Afler lax nf^B 
~l £49.8021. staled carnin.« 
share were lower at -•"•jJ* 

The company s long 
property has hcen 
£15m, and the 


S r five ordinary sujw« t , v valued at -will 1 Increase »e cajuxai ana amounting in i»:r 

a C sharebolderewUl receive ?nlm^net aS valS* Jree reserves of Refuge, thereby the non-voting awr iv- 

Refuge shares plus a ash around 3m ^ it e3 Qjand its unit- of ACC. But je». ^ 

nla providing the balance of - M5p ^■iSjSSTTin UK eqiii&S' Rhkfcd^business - aid writ;- ao Australian bai -eeceived DJ; 
net asset value assuming a of the portfobo ra lx ftSreaixw volume of general (^nt of th- non^ohnq shares, 

. of 207p for each Refuge and meat ot ffie t»J u « tne business- It wiB niso !)as received 8S.75 per cent «>- 

j. . , & SSSa!tS-SS greater flexibilitr ta'-iU-the crucial votina. shares, 

te 4576,000 new Refuge inHnci^i^and ordinary Svestmeht policy.--''- TVW by the close of business 

es are being isaied at Mg ^ ta h ^ s S S|, personal line - Irrevocable uadertaWngs, w m T Aprtf 15. had receive*! 

!rwritte S f%.* Cbaf SSSS !£cnd SSnim 1 thwSSi a net- accept the offer have bee^ given JS* p taSces from SS.76 per cent 
ie t. Refuge’s financial genei^ bus^ra^ uvrous , ;by four investment trusts bolding Jf j^iders or .1SI.1S8 ordinary' 

adviser. . - iff Northern, shares in G and C amountuw to hlure s and 22.fc2.431 non- 

Shareholders have an alterna-. Rgn** m 18.34 per cent of- the equity.. . va iinK shares, or 90.01 per cent 

tive to take cadi for their shares Ir |rJ,^ nmence( i un it-linked life. The shares of G and . C rose f tl , e uniu for its hisiscr 
equivalent to the net asset value It cpramencea £ a whollv _ owned .. 16p to 2«p. on the news after . „ . . 

on the first- dosing date of the May of last year. ' touchln« 250p.. /but Refuge %. received lMeiAj* 

offer- rifp d rem turns In I9S1 totalled . dropped 8p to 220p. • acceptances for it* lomr 

The new Refuge shares will Life premiums H0.7iu - Charterhouse Japhet- will, post - ... 

nnt rank for the final dividend of £76ro, general pre fnrmai nffen- documents as vntinir shareholders will 


the new capital will enable it to 
increase Its balance sheet size 


years. 

In thc year ending December 


considerably. At the end of 31 1981. Samuel Montagu's dis- 
198L it had disclosed capital and closed profits after transfer to 
reserves of £65.7 m, loans of inner reserves rose by 20 per 
£6.3m and total assets of £2.04bn. cent to £6m. The hank's balance 
The hank has also transferred sheet rose by 18.4 per cent to 
the majority of its shareholdings £2.04hn. loans and advances rose 


m subsidiary companies to a new 
li aiding company. Samuel 
Montagu & Co. (Holdings) Ltd., 

UniChem has 
30% increase 
in turnover 

An increase in turnover of 
more than 30 per cent for the 
first quarter of 1982 is reported 
by UniChem the UK's largest 
pharmaceutical wholesaler. 

Commenting on the figures, 
Mr Peter Dodd, managing 
director, says the increase was 
achieved through UniChenfs 
existing 12-branch network. “The 
closure of Sangers' branches has. 
nhviouslv. had some effect, but 
only during the la?t month. The 
full effects will not he felt until 
their clearance sales have worked 
rheir way through the system." 
be adds. 

Andre de Brett 
set for USM 

Andre de Brett, a mail-order 
business specialising in the sale 
of outsize clothing to women, is 
coming to the Unlisted Securities 
Market this month. 

A placing of 25 per cent of the 
company's shares has hcen 
undertaken by Vickers da Costa 
at fiflp per 10p share. Dealings in 
the shares arc expected to start 
on April 23. 

Full details and comment will 
appear on Monday. 

DUNLOP IN 
FRANCE 

Dunlop's hose division has 


by 52 per vent to £462.5m and 
acceptances grew by 53 per cont 
to £2215m. 


singled out for special mention. £, J * an( j t j, c tm’p 
Mr Gadd says that “the inline- va 'i liat 'j on 0 f £775.824 
diate aims of the Samuel ta j. eQ w rPSe rves. 
Montagu Group are tn intensify 
the drive already initiated to 

develop business across a brnad TT • 

front, particularly internation- SWJUl HU II 

ally." ^ ‘ _ . 

The group plans tn expand its lirvillfiai (lffi 

Far Eastern operations with a HiJUJUa* 

full range of merchant hanking e; | JSvirli 

services in Singapore and Hong Tlllal 

Kong. -T-i. _ IimiiflalH 


not rank for the final dividend of «Jn. mmtah* ' the formal offer documents as 

SLG a &c u *«SBSi^ si S fi iV. «nd or . 


Henriques at £150,000 

AFTER A fall from second half sufficient improvement, they 
taxable profits of £60.000 to hope to recommend an increased 
losses of £2S,000 clothing' dividend. 

manufacturer Arthur Henriques The group's production is now 
finished 19S1 with a surplus of concentrated at its mam 
£36,000 compared with £137.000. premises. It has a new London 
The year's turnover advanced showroom and Is extending its 


from £4.0&ra to £4.39m. 

Earnings per lOp share are 
slated lower at 1.18p (2.42p). but 
the total dividend is being main- 
tained at 1.5p net with a same 


existing mail order outlets to 
major retail stores. 

The year under review ended 
with cash resources of £600.000 


taraeu ai i.»P ^ aQd ^ direclors hope i n (#*. 

again final of L-p. The this financial strength in 


say that they intend to move to 
a more equal distribution in 
future. 

They say first quarter sales 


this financial strength in 
vigorous expansion by acqui- 
sition 

There was a lax credit nf 


Swan Hunl 
liquidators! 
final dividj 

The jninr liqm f l a **M 
Hunter Group, ihn '■hi 
lu-nkinc ‘ -, » ni PrM - I 
an noli need Hie fniirjB 
rlisirihuiion n f 2.4* ifl 
to he paid about Mafl 
The tniai paid diifl 
disIrihiiMnns whirl^B 
April 1979 after B 
went into vobmta^B 
will he 150.477fip 
register will hnalh^H 
April 22. ■ 

The original 
total to be riidrii^V 
h elders afler th<JB 
slTUetmn a* the r^Bl 
hc'>'cer l.»0n and^^E*£ 


Progress in Exco/WIGO bid 


BY JOHN MOORE, OTY CORRESPONDENT 


voting blwres arm 
voting shares, or 
of the stock. umU for its hi-J-cr 

received 19537523 
uhif acceptances fur its l°' wr 

Noting shareholders will 
receive a price related to > 
formula established under ALL b 
articles of ossoaalion. 

The TVW offers are now 
unconditional as to-acceplanvt^ 
Bat both, the ordinary share 
offer and the. number - offc- 
remain conditional upon 
becoming entitled to oc regis- 


Exco International, the holding 
company for money brokers 
A-5tley and Pearce and Godseii, 
yesterday held a “ completition 
meeting ” tn thrash out outstand- 


A priS’s licence for WICO 
has been gained from the 


Be four i 
Km in 
Impany 
Kidation 
fre. The 
fosed on 


ing issues on Us proposed jrur- and. 

chase of the Far Eastern rioct licences are beginning 

broking operations of Carr Sebag. t0 ^ tinted. 

It is lmderstood. that most ot tg awaiting the com- 

the outstanding points relating 0 f an accountants report 

to the £4.5m deal have been prepared, by Peat 

resolved and that Exco riiare- and Mitchell — into 


nee for WICO i ! - V - • v - nlrfaining nor less than Mi»- 

i from the ' AntOiaSaSta : • cent of the ordinary »«ne 

Trade and. “ shares. 

" begimin8 proposes group 

"ntantlT report reorganisation in ^jrSSS 

i. , by Peat fliredors of - the does not intend to refer the ACL 

Mitchell into ^ (ChilU and Bolivia acquisttiou tn the MonepcLea 

pvammmc the Auiotagasia ' . fimimiwifm. 


directors 


r of the 
\n sha re- 
al recon- 
1978 was 
er share. 


V be WM deal could be ^.ed to USUS IS'cStini 

srA&KSs *arsjf;s ^ s , r ■■■ 

ing the deal at an extraordinary have describcd the deal as being company . ■_„ _ Avn/ 

meeting. extremely . complex as VflCO ^ be known as Antofagasta BRITISH LAND/ 

Under the proposed deal Exco moves out M the cArt of a ** • GROWTH REALTY 

and the .partner* of W. t Carr, company. 1 The proposal requires court Bri ^h Und, Ifee .proper!?' 


extremely complex as WICO fowrae ba 
moves out 6f the orbit Of a 1 

partnership into control by .a Holomps. 


and profits nf the current year £11.000 (£40,00(1 charge) and an 
are well ahead, and barring extraordinary debit of 


unforeseen circumstances, and 
subject to continuing recession, 
they expect 1982 to he up on 
1981. Provided profits show 


(£32.000). Net assets per. share 
are given as 2G.39p (26.9Spl and 
property and cash value per 
share at 20.26p (23.64p). 


T,oncloii 

Strathcl 

£118,9™ 


and *be perinere .^. Tr ,r,.' nnblic limited company. 'The proposal, requires ctuirt British Land,- Ifee property 

.WsandCm (Ov^asJ (W p Until ^ deal is completed and' shareholder anoroval — , tb * company, has comp.etcd irs pu'- 

have reached agreemer^ whe.reb u eeds of the saIe are Janer |0 he sought at various cbase of lra shares of jjrov-’b 

w *‘ ?S?rn^a Hon- K™g cda£ in an escrow account Seetrags, Including the AGM on p^ty Companies ^ 3 » d n n ^ 
St with Carr Sebag receiving May 24.. ■ acn, tired in add im 


based slack broking tasiness ^ , ^ ^^f^rdlnatrd notes due 

which forms part of Carr Sebag. Sebag has tea* w- ■■JglfES tSSL made a April 15. 

The remaining 25 per rent in ascssing its role in stockbroking ■ . fe - A of ^vestments during vert i We \n\n *l e " ,~ 

WICO will continue to be held for some time and it decided to ?j^ oast is months. The mnst and al>o five yea. warrant, i 
by its senior executives, but se „ wkjo afLer. exploring the IP“ t g. . ^purchase of a buv l.fim shares « ^ 
these interests may, at the option poss ibiUty of setting up a Hong notaTUe-wM in h Brit^h Und has paid a f- 

nf the holders, be sold to Exco ^ onp based holding company -rCse purchases S12.3m for the scmmtiW 

in 1985 and subsequent years on join 5 y con troUed by Carr Sebag JJSSK? with an intention 7 by the Growth, including So.lm .er toe 
the basis of a formula^reflecting ^ mco . ■ .. wiui an imi. ^ lm shares. • 

f Ut1 fft»r HmSeKoMtax— of WICO I* London there has been * } ^J e ar ^ o, e reasons for Growth ' ■&» wM * *** 

s-gg- S'« n o‘ & 

1981 was. about £155m. «rin hp nartnership -wasm debt and redeem 


Antofagasta — thrbueh its snb- 


OIS plans £2m placing 


Oilfield Inspection Services (OIS) 
is planning to join the Unlisted 
Securities Market this spring 
following a placing of around 
£2m by stockbrokers Phillips and 
Drew. The issue is likely to value 
the enmoany at around £10m and 
raise fresh capital for OIS as well 
as money for existing share- 
holders. 

The company was formed by 
the present management ten 
years ago to provide specialist 
inspection and testing services 
for the oil and gas industries. 


Net revenue, 
London and 
fell from n R "j 
the half yea| 
1982. on lnv,| 
from rlivtdemi 
£368.698 comii 
The earnirl 


nnnlnn\ hose division has This week. Tor example. OIS Commercial Finance Corporation 
foS a new subsidiary in announced a' major contract 27 per cent and East of Scotland 

France Dunlon Caoutchouc wonh oyer £750.000 with Onshore, which got a full Stock 

Industrial Sari, to expand its McDermott International, of the Exchange listing last year, 39 1 per 

production and distribution U.S.. to inspect, by internal and cent. Employees . and M friends 


facilities. The product range of external X-ray. the pipe welding 
the new subsidiary will include operations of the contractors 
hydraulic hose, anti-vibration work in the North Sea. Malaysia 
units, industrial tyres, aulonio- and the Middle East. Trie enn- 


Initially OIS concentrated its 1982. on In- 
operations in the North Sea. from riividei 
However, this concentration led £368.698 com 
to losses of £195.000 in 1979 when The Mrn j r 
a "price war" developed in the thlK inTF5 i nil 
service sector. For OIS the com- at n„ssp (Li 
pelilive pressures wore com- „ n M.in-li in i 
pounded by the costs of establish- j s | 1D ini hrN 
ing itself in other areas, in par- v „ ara 1n , a ij 
ticular thc Middle East. nnr J 

Last year OIS produced a prefii 1IP i lM - rhnr-| 
of 1.035.000 from turnover of p4flp f p7nJ 
£10.419.000. . n . n J 

The present shareholding struc- Lonnnn m 

lure is that the management repam ub m 
holds 35 per cent. Industrial and lnai1 "" Fc B 
Commercial Finance Corporation fl 

27 per cent and East of Scotland ‘ ■ 

Onshore, which got a full Stock t00k 
Exchange listing last year, 29 per ■ 

cent. Employees and "friends'" V 

of the company Hold the balance. STDCb 
T he placing is likely to include jH 

some shares from all ihe existing * A r** 


I able of the ' 
Clyde Trust 
£118,962 In 
February 28 
ss revenues 
interest of 
ith £423.849. 
25p share of 
;t are stated 
as reported 
ritn dividend 
p net. Last 
.-as paid. Net 
er deducting 
are riven as 
ist 31 1981). 
lelyde partly 
•oncy US82m 
1982 and the 
is S1.5m 
rates). Tax 
100,463). • 


I UP rpmamiu* ascssing iu> ivic m «. im her 

WICO will continue to be held for some time and it decided to _ 

hy its senior executives, but sell wico afLer explonng the •*“ 
these interests may, at the option D0SS ibiUty of setting up a Hong notame 


i ?H^°o tr0Ue<1 ° y together with an intention by the ttoj&iww™* ‘ "" 

id WICO.. - - ' directors to 'broaden' the com- lm shares. _ 

In London there has been pany - s ^ase are the reasons for Growth' -aim »W lit ^has entertu 

leculation that following the re . orga nisation. into a new five >e»r cred.t, 


speculation that foUowing the 
completion of -the Exco deal 
there will be partnership 


^ SHEAFBi 

.he ,housM ' 

SJrSKM “MW new Carr IMfM 


SHEAFBANK 

The name of Wilson Peek has 
been changed to Sheafbank 


into a hew five >e*r credit agre»- 
m n nt with its bank to res juc.ure 
823 5m debt and redeem 
6.73 eercen* •oib'ird mated de.wn- 
mres. British Lrntd tviL 1-J U ? 
control nf ihe Growth noard •*!-.» 
five drrot;Tors out «;f nine. 


I, censes from thc Department of meanwouc. — — i • T 4 C?T% 

Redland deal protects interests in LAbMU 

1 ■ , _ md enlarged ordinary shnre capiial. 

_ . -rr, o, 0 mofine tiles liability resulting from an in- will only. «P«g}{J • Jj ^ ^Redland estimates that subje-.-l 

REDLAND, f* ^ crease^ in the LASMO share becomes -RarinE to audit, Drofits hefore lax in toe 

aggregates and m tne -. _ Morgan GrerffeU and Baring 27 Iast fell frorn 


aggregates and clay brick group, crease in tne ^ Morgan GrenfeU and Baring 

Is maid or an agreed offer for PLi£e. , , T . ea# a tn Brothers, the' merchant .bank 

Cawoods 1 Holdings. The terms oodsMtore- a^islhg Cawobds are jointly 

are 300 Redland ordinary shares -Je onS ' putting up a cash alternative to 
. — *- Vt hoMera will be reouceu on lu« laSMO element of the offer. 


a« iSHKiK s-mms 


jaergau VP * r to March 27 last feu irom 

in' rose from £13.5m to over fiMo. 


shares in LASMO for price on Tte hanks are prodding 290p in rose irom - 

every 200 Shares in Cawoode. ihe Eme2 : cash in respect of all. or part of Shareholdere in Cawoods will 


live components and a range of 
ruhber products. 


and the Middle East. TTie con- holders. New money for the com- 
trai-1. lasting a year, will cover pany will he used tn finanrp work- 
nver 300 miles of pipe. ing capital and Further expansion. 


* A pi 
order, m 
Sidrup 
rescind© 


asory winding-up 
in March 22. against 
Idem has heen 
the High Court. 


fuel distribution and touUdlng Je da^hen tte oftg oe «OTe« ^ shareholder' entitle- not be entitled to receive Rcd- 

raaterials. group. / - ^ " ment to receive LASMO shares. i atad - s maintained final dividend 


Results due next week 


Better-than-expected mid-year 
figures, lip 7.7 per cent pre-tax 
to £61.6m, -from the engineering 
giant Hawker Siddelcy Group 
sent some forecasts for the 1981 
■profit — due to be released on 
Wednesday — as high as £127m. 


compared 


Delta Group, the control equip- 
ment maker and metals concern 
which reports its 1981 figures on 
Wednesday, was hit severely by 
the collapse of the domestic 
market in the second half of 
1980. Last year opened with nn 
prosoect of an upturn in UK 


previous business and it was only lower 


year's £113m. But tbe optimism rc-organisatinn costs and good 
has been trimmed by the poor performance in Africa and 
full-time figures from Canada Australia that halted further 
where a near break-even final p PU fit deterioration aver the 
quarter left the total 30 per cent previous six months, though at 
lower. Added to this there is £g.44m pre-tax it was less than 
the Impact of the economic half the correspc 
slowdown in the u.S.. where figure r»f £l3.45m. 

Fasco is having a harder ume, 
and in South Africa. But off- Stabilisation o 


months of 1980-81. Smiths has hefty 
been cushioned from the group 
troubles in the aerospace and The 
motor Industries by its various prisec 
specialised businesses, such as figure 
medical equipment. The autn- a £10 
motive business is expected to again' 
continue in lass, hut with some The 1 
improvement this year. The some 
ro-schedulinE of the Tornado pro- • tyre i 
jecl is not likely tn hit Smiths plant] 
as badly as some of its enmpoti- thp r| 
tors while its strong links tn the boarJ 
successful Airbus programme is plagj 
protecting it from the qcneral dreai 


One of Cawoods’ principal 
assets, is a fl.l per cent hold’og 
in LASMO and the deal has been 
structured so ?s to erraftle 
Cawnofc* shareholders to retain 
their effective Interest in the oil 
and gas exploration and produc- 
tion company. •" 

The LASMO share element of 
the bid is to be .adjusted to 


■asM* «« — ‘ « Harass 


ie same conditions apply. of 4.67p net per share, or tiie 5n 

A 50p cash offer is to be made per share LASMO final 


B* «ar«sa i*S?5>S- »» a. c.-^, <; r 

,toct un ! isssss ■saw 

to half their entitlement to ^6m ^SMO s^r^ fiu^imp 


^St^STSSJ. --SS 


half the corresponding interim downturn in' civil aviation, 
figure of £13.45m. Analysts are looking far a full- 


Stahilisation 


setting these problems is the market and higher contribution 
weakness of sterling which led from overseas, despite the July 
tn a boom in export business, sale or Macdem in South Africa, 
that accounts for approaching points to a little better closing 
S ie? SJt of group sales, and six months leaving forecasts of 
“? P.® r . 1 ;,inc siruunw fig 5m rfISBml /nil-time 


year profit nf between £27m and 
£29m and expect annther divi- «*ul 
dend increase at the interim w ’o 
stage, perhaps to 4p against 3.7p sui 
Last year. 1 

nn 

Analysts yesterday were far im 
from comfortable about giving Mj 
pre-tax profits estimates for Sa 


„Btrue recovery for the tJlSMO share eOeanent of 

p off in the distance. ^ to be .adjusted tD 

Jet will not be sur- compensate Redland for any will remain 
Wk result, if the pre-tax additional capital gains tax first, dosing 

Ws any' where between . ■ ■ 

Ks and a positive £5m, ~ 

■ £10m profit last year. 

■op bulls arc' expecting 

■prnveinenit in the UK _ 

Mine problems 

hiowever. ' see Dunlop. in Zimbabwe 

marketS <r ^P?n > 8 COMMENTING 9N Die d J® cu J' 

UK steel industry, ties of the mining industry in 
s expect a maintained Zimbabwe. Mr Bill 
vidend or 4p. although a retiring chairman of Rio Tinto 
the second year running Mining (Zimbabwe), warned that 


s exploration and produo- to receive cbsq ^ 6.6m LASMO shares/ full pimple- ' Based on a Redland price, of 

■mpany. J.™! “fST per - mentation of the ordinary offer i61p.dr.wn 14p yesterday, and a 

LASMO sfcane ejment of gedland shares at win involve the issue of about LASMO price of 312p, down lip. 

d is to be .adjiwted to aPwme norilv until (he 73m Redland ordinary shares, each Cawoods share is valued at 


MINING NEWS 


Mine problems 
in Zimbabwe 


siaxUficant exchange gains, around £13.5m (£19.6m) full-time from comfortable about giving 
Expectations for the year now looking realistic. pre-tax profits estimates for 

range from £125m down to as Market expectations for Smiths Dunlop Holdings, which reports 
low' as £117m. But Hawker has Industries, which reports interim full-year figures on Thursday, 
regularly proved its resilience figures next Tuesday, fall fairly Dunlop's heavy tax burden will 
and over £120m should be no neatly Into ihc £l!m-£12m ranee, ensure that whatever the pre-tax 
surarise against £9.97m for the first six figure, attributable losses will be 


ensure that whatever the pre-tax rj 
figure, attributable losses will be cl 


Announce- 

ment 

<ue 


Dividend (pj* 

Laii year This year 


*» UK steel industry- 
■s expect 0 maintained 
Mvidend or 4p. although a 
W the second year running 
■ not he a complete 

E?" companies reporting 
Einary results next week 
Be Currys Group (Monday), 
Fes (Tuesday). Empire 
k. BMC Group and Sun Life 
ranee (all m Wednesday), 
irte JnduBtries and Savoy 
1 (Friday). Interim figures 
MrKerbufe Brothers are 
on Wednesday. \ 

1 in cp- Divldand (p)* 

ent Lssi year This yaw 


Efflrsa ssjg°£ ' says outlook bleak . 

Zimhabwe. Mr Btit Rickards, •/ 

'ESgtSSSXl.hJSSJg* «r ONMIH IWSWN.WW.W**: . 

the company might well run into •urrfsjw . interest rates ease and if metal prices remain at their 
a loss this year, reports Tony wor |j economies improve, a prevent levels for a significant 
Hawkins from Salisbnry. „ p id increase in Che price of period fee jmrowny wiRhave to 

He pointed to low world 

STM- sssi-ss ^ 

SS? SLSiWM Tie does 'not .see itKii a 

rates and Zimbabwe's increased ^ve before late 1S82 or early bare unwed into 

tasaiion ot tt e mining industry K AS? JJvStSp«- 

there. ™ -tn life . lower this rear. 11 has thus 


FINAL DIVIDENDS 

Albany Invijvment Trust 

Allobono It Sons 

Amalgamated Metal Cotporation 

Beniells 

Biddle Holdmos 

Bodycnte International - 

Bnusteed 

Br»mell 1C D| 

Burma Mines - 

Concord Rotallex .. 

Currys Grouo 

Cussins Ptopony Group 

Danish Bacon 

Dares Es»*i»s 

pslto Gtoup 

Duncan |V/»Iim) & Gondnckd 

Dunlop Holdings .. . 

EdinhuroH Inwestmeni Trust 

CIS Group 

Empire Stores (Brad lord) 

Estate Duties Investment Trust 

Foqarty <E ) 

Futura Moldings 

Cr*nrpiJ° Television 

Green's Economiser Group 

Herfen 

Maltint SIC'Th & Cheston 

Hamilton Oil Great Britain 

Hems Qtiwnsway Group 

HewVer Siddelcy Group 

Headlom Sims & Coopins 

H^etelr 

Lament Holding* 

1 apofte Industries (HlddS.) 

Lawrsnen (Walter) 

London & Connnental Advrnij. Hldqs. 
Menties (Jehn) Hldgs. 

M.lter (F.) Textiles 


Thursday 

0 6 

1.4 

O.B 

Fpday 

— 

1.0 


Friday 

30 

60 

2.0 

Friday 

0.3 

1.05 

03 

W.jdnusday 

2.4 

6 6 

24 

Tuesday 

2.0 

2.0 

20 

Tuesday 

05 

0.75 

0.5 

Monday 

2.03 

35 

2.05 

Monday 

— 

075 

— 

Wednesday 

0 1 

— 

06 

Monday 

0.75 

3.75 

D.7S 

Wodnasday 

— 

— 

— 

Wadnavday 

— 

3 5 

2.0 

Monday 

0.5 

0.63 

0.5 

Wednesday 

1.B2 

1.82 

1 83 

Monday 

— 

12.0 

— 

Thursday 

265 

1 35 

2.0 

Monday 

0 an 

1.12 

O.K 

Monday 

1.072 

3078 

1 072 

Wednesday 

2.4 

2.7 

1.2 

Tuesday 

(1.7023 

1 44331 

0.S 

Wednesday 

1.6 

2.42 

1.6 

Friday 

1.05 

1.54 

1.155 

Thursday 

1.0 

1.75 

1.0 

Tuesday 

2 2416 

2 S3 697 2.975 

Wednesday 

1.8 

445 

2.0 _ 

Tuesday 

— 

— 

— 

Tuesday 

— . 

1.0 

— 

Wednesday 

1.33333 

3.SK57 

1 53 

Wednesday 

3.0 

5.2 

3.7 

Monday 

0.78571 

0.90714 

1.0 

Thursday 

— 

1.0 

1.0 

Tuesday 

04 

07 

0.4 

Thursday 

3 5 

35 

35 

Monday 

25 

5.0 

2.5 

Wedn»sday_ 


0.1 

—> 

Tuesday 

1.2S 

2.5 

1.45 

Friday 

0.9 

1.3 

1.0 


■1 mm cp- Divioeno tpi 

Company fment U»1 V™ , l'*!* 

V due Int. Final Jnt. 

Owen Owen »irnd«y T O 3.» J-V I 

Petty (HarnMt Motors |r«day 1-B • “ 

Phote* (London) dey 1.5 2-C 

Richardsons Westijartb fiirtav 1.05 1.05 a <? • ' 

RMC Group ;. */<.Hn««dey 3.7 5.3 a./ 

Rush & Tompkins Group f h nrsday T-2S 2.5 

Revov Hotel "A” Snares T 

Savoy Hotel ** B ” Shares ffnrtav — 0.5745 — . 

Scottish Mortnatje 6 Trust fthiirtday 2.5 2.8 *-® 

Scottish Northern Investment Trust ..jFrultv 1.2 2.25 

Securities Trust ol Seortind I Wednesday 1.9 3 0 1 * 

Snlicitnrs Lew Statinnerv Society ... I Frirtey 0.75 .0 724 "■* 

Soear & Ja'ckson International I VVednnsday 3 575 3.9 

Steel Brothers Holdinos I Thursday 3.15 .4.85 3-1» 

Sun Ltln Assurenea Society I Werlpo.iday 7.5t 4-5 f 

Tare nf Leeds . .. Mnndey — 1.25 “ 

TnHvmion South West Holdings 1 Fnd«v — — ■ ”t“ 

Tilbury Group J. Tuesday BO 163789 8.0 

United Friendly Insurance Monday — — J-TS 

UniiRd Percels j Tuesday 1.0 2.5 1-2 

Wslbeck Investmonts «. . •• Tuesrley 0 75 1.1 0.75 

Wnbernrs Grouo .. Tuesday 0.7 I.B. 0-8 

Weetom Motor Holdmqa ... _. 4 • • Wednesday __ — • — 

Wire & Plfl9tie Product* ••• Thursday 0.73 1.22 WS 

INTERIM DIVIDENDS 

Casket (S.) Holdings *..4. Fndey 0.5 1.25 

low (W. M ) .. j... Tuesday 2 1 5.4 

Lowland Investment ^... Friday • I.7S’ .2.0 

McKnckme Brothars Wednesday 20 5.2768 

Smiths Industries Tuesday 3 7 6,8 

Spencer Gears (HDldinge) Thursday o?25 0.5 

Wade Potteries Wednesday 0.5 1.5 

INTERIM FIGURES I 

Hinhlsnd Boeirflnies Group — < Monday 

“Dividends ere shown net Mne« per share and adjusted tor intervening eerip 
Issue, t Total of first and second interim dividends. 




The most important develop- continue unto 1983. 
merit for RTMZ this year, he Tbe Bougainville 
said, would be the commission- operation in Papua New Guinea 
ing of the Renco gold plant is -working at a loss and, with 


which will more than double the its capital spending prpgratmne 
rnmpanv's gold output thls_ year. In ■**. “WLJS 


5T could both copper and gold is expected 
To be lower this year. It has thus 
open-pit been decided to' construct a 
Guinea twelfth ball milL 
id, with Further expansion is binder 
teramme consideration, but Mr Vernon 
nv has ' points' out that -this will bo 

■ . n lsvr i4> n nrciu ilnn n 


ssrss V 


ELDERS IXL 
ACCEPTANCES 

The offers by the Austratian 
gronp. Elders IXL's subsidiary 
Elder Smith and Co., for the 
whole of the re-organised share 
capital of Wood Hall Trust, have 
been accepted in respect of 
22.621.5S4 ordinary and the same 
number nf deferred, represent- 
ing 92.2 per cent. Acceptances 
have also been received for 
961,229 <4.55 per cent) -pre-. 
ference shares. 

- Elder Smith intends. In due 
course, to acquire compulsorily 
all outstanding stock and shares 
in Wood Hali, and the offers 
remain open for acceptance until 
further notice. 

RIT/GT. NORTHERN 

BIT purchased 109,000 Great 
Northern Investment Trust 
shares at 136p per share, 100.000 
at 13£p a shore and 420,000 at 
140p a share on Thursday. Both 
R1T and ...Great Northern 
announced a merger plan on 


be limited land Wht show a one- OTA 

third fall In profits. ijSSeltftrSSSSie biST in turn, is 57^ per cent- 

In thc absence- of a However Mr Vernon says that owned by Rio Tinlo-Zinc. 

in nickel and copper prices the However, mr venwu w 

Empress mine would show a low. ■ . ■ ■ 

sSS&Vce Newpower contracts 

boost Amcoal output ■ 

j agricultural aeaBon. +Tlo ' -.1 Mntn^ie An^inai's eurrent supply rate t 


March ID which involves the 
exchange of Great Northern 
shares, for RPTs on a formula 
based on net asset values on the 
day when the deal becomes 
unconditionaL - 


boost Amcoal output 


flTuOrinWc VlU VcIiUtivUy iw WXU^ ■ — — ii v* _ 

the mining industry’s labour Supply Commission (ESCOM) year from the curreht level of 

problem by providing conditions have been obtained by Anglo .34^ tonnes a year. 

“ at least as attractive " as those American Coal . Corporation reported here yesterday, 

offer red in many other countiries. (Amcoal)-. ' frai^vaal Consolidated Land and 

A decision on whether to go construction of two wBiene^ 
a w a ri ^th the Zinca platinum each of which wOl supply 600m Esploration (TCL) 1 is aiso t ° p /_ 

-ahead wn ... .. . -11 *11117 ? +« vernw «>ri it* nart m onmding coal for 


tip taken on the sengwa Thesenew mines xogeuier . 

rn^prtv until the Govern- the New Denmark colliery now K352m (£190m) underground coal i berpua n 

w,l t pr Att « ®«sy ^ng^tSSed^wm ^lt ln mine with a full. arimiai capacity w 

LonS Kio Tlnto-Zlnc Supplying coal for 10,800 <rf Urn tonnes, to supply the new 2JSST.. . 

per. cant beneficial megawatts- of new . ESCOM “D poi^r station in the south- T «i«fo'nte» 

. V. •*BSrt W .ei*«^r. ; *v«l."*» easteruTrans™!. ^ ^ t 




Aprvi IB 

«» 

*9 

.+ or - 

v Bsnc4 Brtbso ........ 

.... 348 


Banco Central 

343 


Sense. E* tenor 

3C5- 


Bants Hls?ino 

.... . 316 


Banco ind. Cut. 

110 


Balsa Santander ..... 

.... 359 


Banco liiquijD 

.... 234 


Bunco Vizcaya 

.... 3E5 


Banco Zaragoza 

.... »6 


Drags dot ■ 

— 152.5 

— C.5 

EspanoU Zinc 

64 

+ 1 

Fecas 

..... 6i5- 

+0.5 

Gal. Prsciados 

36 


r H'.droU _■ . : 

63 

+0.3 

Iberduera 

57.2 

+0.2 

Petmteos - 

80.7 

-0.8 

Perro/ib&r 

SB 


Sogefita 

— . B 


Teiwiohlca — 

70 

r +O.S 

Union Elact. ... 

835 

+0.3 


' • 






BASE LENDING RATES 


. AJB.N. Bank 13 % 

Allied Irish Bank 13 % 

American Express Bk. 13 % 

Amro Bank 13 % 

Henry Ansbacher 13 % 

Arbuthnot Latham 13 % 
Associates Cap. Corp. is % 

Banco de Bilbao ■ 13 % 

BCCI 13 % 

Bank Hapoalim BIS ... 13 % 
Bank Leumi (UK) pic 13 % 

Bank of Cyprus 13 % 

Bank Street Sec. Ltd. 14 % 

Bank of N.S.W 13 % 

Banque Beige Ltd. ... 13 % 
Banque du Rhone et de 
la Tamlse SA. ...... 33}% 

Barclays Bank 13 % 

Beneficial Trust Ltd..-.. 14 % 
Brexnar Holdings. Ltd. 14 % 
BriL Bank of Mid. East 13 % 
■ Brown Shipley 13 % 


Grindlays Bank tl3 % 

■ Guinness Mahon 13 % 

■ Hambros Bank 13 % 

Heritable & Gen. Trust 13 % 

■ Hill Samuel .....513 % 

C. Hoare & Co tl3 % 

Hongkong & Shanghai 13 % 
Klngsnorth Trust Ltd. 14 % 
Knowsley & Co. Ltd. ... 13}% 

Lloyds Bank 13 % 

MaUinhall Limited ... 13 % 
Edward Manson & Co. 14 % 
Midland Bank 13 % 

(Samuel Montagu ...... 13 % 

(Morgan Grenfell 13 % 

National Westminster 13 % 
Norwich General Trust 13 % 

P. S. Refsoh & Co IS % 

Roxburghe Guarantee 13}% 

E. S. Schwab 13 % 

Slavenburg’s Bank 13 % 

-Standard Chartered ...||13 % 


Canada Perm-t Trust.. . 131% . .... Trade Dev. Bank ...... 13 % 


Castle Court Trust Ltd. 13}% 
Cavendish Gty T'stLtdL 15J% 

Caywr Ltd; IS % 

Cedar Holdings ......... 13 % 

I Charterhouse Japhet... 13 % 

CTioulartons 13}% 

Citibank Savings :I12j% 

Clydesdale Bank 13 % 

C. E. Coates 14 % 

Consolidated Credits... 13 % 

Co-operative Bank *13 % 

Corinthian Secs 13 % 

The Cyprus Popular Bk. 13 % 

Duncan Lawrie 13 % 

Eagil Trust 13 % 

E.T. Trust ....I IS % 

Exeter Trust Ltd. 14 % 

First Nat Fhnu Corp.... IS} % 
First Nat. Secs. Ltd.... 15} % 
Robert Fraser 14 % 


Trustee - Savings Bank 13 % 

TCB Ltd.- 13 % 

United Bank of Kuwait 13 % 
Whlteaway Laidlaw 13}% 

Williams & Glyn's 13 % 

Wintrust Secs. Ltd. ... 13 >% 
Yorkshire Bank ..; 13 % 

■ Members of the Accept! no Houses 

. Committee. 

• 7-dny deposits 10%. 1 -month 

10.25%. Short, term £8.000/12 
month 12.6%. 

t 7-doy d spoil is On sums of: under 
£10.000 lOVfc. £10.000 up to ' 
£50.000 11%. £50,000 and over 

11>i%. 

* Cell deposits £1.000 and over 
10 %. 

U* 21 -day deposits over £1,000 11 Vi. 

5 Demand deposits 1(A%. 

1 Mortgage base rats. 


Delta Investment Co. Ltd. 

(Incorporated under the laws of the Bahamas) 

Interim Statement (Unaudited) 


Net Assets ; 

Net Deficit - 3 > 209 

Net Assets per Share ^ ^ 


Investment Advisers! 

KJeinwort, Benson LtdL, „ 

20 Fen church St. London, EC3P 3DB 
Teh 01-433 8000 


- 6 months ended 
24.7.1982 27.1. 1981 

US$000 US$000 

61,196 7X241 

3,209 1,923 

IS 5X23 US $4.16 


M. J. H. Nightingale & Co. Limited 


27/28 Lovat t^ne.. London EC3R- B£B Telephone 01-621 1212 


19B1-82 
H : gh Low 
130 100 
• 7b 62 
51 LL5 
205 IE? 
107 ICO 
1M 01 
r»j 97 
8j 

73 46 

ICC £1 

IPS tao 

153 M 
T70 we 
334 240 
W SI 
£22 159 
15 10 

80 66 
44 a 
103 73 

2S3 212. 


Company 

Ass. Brit. Ind. CULS... 

AifSU'uno ■'■■■. 

Armitege 6 Rhodes 

Bafdon Hill 

CCL Hoc Conv Prof— 

Debar jb Services 

Pratifc Horsoll 

Frederick Parker . 
tVsoiac Blair ■ 

Inf Precision Castings 

lain Conv. Prel 

Jackson Group 

rimes Burrounh • - 

Robert Jankms 

Solutions “A” 

Torday ft Carliaie 

Twin lock Ord. 

Twinwck 15pc ULS 

Unilock Holdings . .... 

Walter Alexander 

W. 5. Vesras - 

Prices now available 


Groan Yield Folly 
Price Change dtv.(p) % Actual taxed 
128 . — 1D.0 7.B ' — — ■ 

73 — 4.7 6.4 11.6 16.0 

44 — 4.3 9.8 3.7 8.3 

198 ' — 9-7 4.9 9.6 11.7 

106 — 15.7 14.8 — — 

61 — 6.0 9.8 34) 5.7 

176 + 1 6.4 5.1 11.4 23,3 

75 - 1 6.* 6.5 3.8 7.3 

36 — 7.3 7.6 6.9 • 10.4 

109 + t 15.7 14.4 — — 

96 - 1 7.0 7.3 3.0 6.8 

iU — 8-7 7.6 . 82 10.5 

240 — 31.3 13.0 3.3 £L5 

U+1 5.3 8.3 8.8 9.1 

159 _ 10.7 6.7 5.1 BJS 





SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and deals 

Dealings 'in Empire Stores (Bradford), the mail order group, 
were suspended at 02p on Wednesday pending the outcome of 
talks with Great Universal Stores which could" lead to the 
companies “ forming a dreez relationship." 

Blue Circle Industries sold its aggregates business for £37. 6m 
cash to Amey Roadstone, the construction materials subsidiary 
of consolidated Gold Fields. 

A consortium of major institutional investors led by Charter- 
house Group bought for £17B8m a 90 per cent stake in Coloroll 
a leading wallcovering, and household textiles manufacturer. The 
vendors axe members of the Gatward "family, many of whom are 
resident abroad and have not been involved in running the 
company since the mid-1970s. The consortium has put its stake 
into a new company, Coloroll Holdings, . Charterhouse owns 
53.3 per cent and Finance for Industry 2S.1 per cent Other 
investing partners are British Rail pension fund with 112 per 
cent National Coal Board pension fund with 7.4 per cent and 
Charterhouse Development Capital with 5 per cent 


PREUMMARY RESULTS 


Value of Price Value 

Company bid per Market before of bid 

bid for share** price** bid . Em's** 

Prices in pane* uni bus otherwise indteatad. 


Bidder 


Asaoc.Coms.'A’M .110* 
Capseals 50*5 

Cawoods 2S4§§ 

CCP North Sea 198§| 
CCP North Sea 204} 
Federalet. land 175* 
General & Comm. 355U 
Grant Bro6.SH 190* 
Heron Motor Grp. S4Ҥ 
Lancaster (D. ML) 271* 
Normand ElectrL 5755 
Bioran (C.) Grp. 20* 
Speedwell Gear 
Case 15* 

Tunnel Hldgs-H 565§ 


59.70 Tv W Enterprises 
2.43 Soooco 
137.55 Redland 
15.53 Charterhouse Pet. 
16.04 Tri centre I 
19.03 BSC Pnsn. Funds 
13.63 Refuge Ass. 

228 Jadepoint 
4.33 Heron Corp. 

4.36 lntasun 

5.13 Henderson (P. C.) 

3.47 Mr. C. Moran 

14.40 Astra Ind. 

129.46 BTZ 


* Aid cash offer, t Cash alternative, J Partial bid. § For capita 
not allready held. ** Based on April 16 1982. tt At suspension, 
tt Estimated. 5 § Shares and cash. 11 Unconditional. 


North Sea Assets 
revenue downturn 


Company 

Aberthaw & BrstL 
AC Cars 
Air Call 

Anchor Chemical 
Aquascutum 
Armilage Bros. 
Automotive Prods. 
Bank of Scotland 
Barrow Hepburn - 
Barton Group 
Beauford Group . 
Bestwood 

Bifurcated Engn. 
BJack& Edglngton 
Black wcr_ I Hodge 
Brunt ons 
Burmah UQ 
Camrex 
Clyde Petirtm. 
Coates Bros.- . 
Combined English 
Dewhirst (L J.) ' 
Dufay Bltumastk 
England (J.E.) 
Feb International 
Forward Tech. 

' Greenbank Xnd. 
Hambro Life 
Harrison (T. C.) 
Helene of Lon dim 
Hew den Stuart 
J. B. Holdings 
UHey (F. J. C.) 
London Brick 
Lyle Shipping 
Midland Inds. 
Hinet Holdings 
Morgan Crucible 
Morrison fWm.) 
NEI 

Neil & Spencer 
North (M.F.) 
NMW Computers 
Pearl Assurance 
Pergamcn Press 
Rcfcnfck Leicester 


. PTO-tax profit Earnings* Dividends® 
(£000) .per share (p). 


3,190 (2,564) 6L1 

343L (176)L — 

603 (627) 23,0 

.673 (222) IL9 

1,079 (921). 3.9 

453 (426) 97.0 

1,8201. (3,070 )L — 
47^00 (43500)123.9 
1.640 (1,760) S.9 
1.030 (760) 3.4 

.356 (37) G-S 

186 (179) 7.6 

1.040L (14S)L — 

1480L (26)L — 

1,020 (4,990) 3L2 

1,480 (1,650) 17.1 
82^00 (62400) 23B 


Dec. 

1,020 

(689)L 

Dpc 

1400 

(1440) 

Dec 

8,370 

(7,480) 

Jan 

2,680 

(3410) 

Jan 

2^20 

(1M0) 

Dec 

549 

(40) 

Jan 

117 

(60) 

Dec 

909 

(772) 


69 1L (1,720) — 

1,980 (1,630) 3.9 

16,760$ (14,050)J 3.6 
2^80 (2.490) 13.0 

504 (1,129) L5- 

1,2 10L (34 10) — - 

5,170 (2,720) 25.9 
7^10 (6,110) 2L5 

1U50 (10,740) 6.4 

0,710 (6,680) 75.9 

768 (92) 5.3 

14.750 (8,680) 15J 

8,070 (10,030) 10.5 
7,550 (5,970) 10.0 

33,030 (26,060) 10J 
L450L (163)L — 

84 (455J 0.03 

545 (505) 13.3 

11^40t (10,450)t 32.1 
5,870 (4,500) — 

196L (293) — 


(63.4) 
(— ) 
(19^) 
< 1 - 2 ) 

(3.4) 
(86B) 

(-1 

(129.0) 

(4.8) 
(2^) 
(— ) 

(7.4) 

(2.4) 
(-) 
(25) 

(13.6) 
(195) 

(— ) 
(55) 
(1L6) 

(7.0) 
(65) 

(4.1) 
(05) 
(15) 
(65) 
(35) 

(3.8) 

(12.7) 
,(3.7) 

(3.4) 
(15.9) 
(235) 

(17.4) 

(98.6) 
(— ) 
(85) 

(15.4) 
(1L4) 
(105) 

(— ) 
(15) 

( 12 . 6 ) 

(29.0) 
(— > 

(245) 


115 (10.0) 
— (— ) 

5.6 (2-63) 

3.0 (258) 

2.05 (2.05) 

27.0 (245) 
3.0' (3.02) 

21.0 (17.5) 

23. (25) 

2.4 (2.4) 

2J. (0.7) 

55 (4.5) 
055 (15) 
0.1 ( 1 . 0 ) 
L25 (25) 
10.17 (9.46) 
85 (65) 

4.02 (4.02) 
0.55 (055) 
35 .(3-0) 
3.15 (3.15) 
1.45 (15) 

2.0 ( 2 . 0 ) 
058 (05) 
255 (2.0) 

3.0 (5.6) 
L6 (L35) 
115 (9.6) 
3A (2.95) 
L48 (1.48) 
158 (158) 

4.0 (3.0) 

55 (5.0) 

4.89 . (457) 

10.0 (95) 

2.6 ( 2 . 6 ) 

5.7 (455) 

75 (75) 

L4 (155) 
4J3 (3.75) 
— (2.1) 
0.8 (05) 

4.0 (25) 

23.0 (20.0) 
— (— ) 

2.0 (45) 


Company 
Rio Tinlo Zinc 
Rowan &Boden 
Royal Worcester 
Sean Daut IntL 

Solex 

Taylor Woodrow 
Untied Ceramic 
Wilson Connolly 


Year Pre-tax profit 

to (£000) 

Dec 348,100 (507,000) 
DOC 1S9L (3S8) 

Dec 1,960 (3,170) 
Nov 37 1L (267) 

Dec 480L (1,610)L 

Dec 24,880 (24,840) 
Dec ' 20 (324) 

Dec 8520 (6590) 


Earnings* Dividends* ' 
per share (p) 

40.4 (61.6) 16.0 (16.0) 

— (125) 05 (251) 

25.1 (37.9 ) 8.8 (S.6) 

— (12.1) — (— ) 

— (— ) 0.1 ( 0 . 1 ) 

49.7 (56.1) 1651(1651) 
2.0 (15.0) 3.5 (— ) 

27.3 (25.0) 3.0 (255) 


INTERIM STATEMENTS 


Company 

Ad west 

Banks Gowerton 

Dowding & MiDs 
Hrvy. & Tbompsn 

In gal] Industries 
Land Investors 
Mart on air IntL 
Peters Stores 


Half-year 

to 


Pro-tax profit 
(£ 000 ) 


Interim dividends* 
per share (p> 


Dec 

2.070 

(1^30) 

2.1 

(2.1) 

Dec 

106L 

(303)L 

0-25 

(— ) 

Dec 

792 

(652) 

0.78 

(0.7). 

Jan 

34 

(62) 

— 

(0.7) 

Dec 

151 

(80) 

0-S9 

(0^1) 

Sept 

1500 

(1240) 

02 

m) 

Jan 

1,S10 

(2.020) 

L95 

(1.95) 

Dec 

16 

(166) 

— 

(1.5) 

Jan 

143 

(162) 

05 

(— ) 


(Figures in parentheses 
* Dividends shown net. 
profit, t Actuarial surplus. 


are for -the corresponding period.) 
except where otherwise stated, t Net 
LLoss. 


APPOINTMENTS 


PRE-TAX revenue off North Sea 
Assets, investment concern 
involved in support industries to 
the North Sea oil industry; was 
down from £440,000 to £310,000 
for the half-year ended March 31, 
1982, after lower interest of 
£146,000, against £281,000. 

After tax of £149.000 (£217,000) 
earnings available are shown as 
Z-34p (l.S5p) per share. Net 
assets per share at the year end 
are given as I86.61p compared 
with 195-llp a yefir earlier. 

During the period, the com- 
pany drew down C$L45m from 
existing Bank of Montreal dollar 
overdraft faculty, and has given 
guarantees of £500,000 to secure 
borrowing of a company in 
which North Sea Assets has an 
investment. 

There have been no changes 
in the directors' valuation of 
unquoted invests in period under 
review. 

During the first three months 
of 1982 SB Offshore raised 

SPEYHAWK IN 
£13M CASH DEAL 

Speyhawk, the commercial 
and industrial property develop- 
ment company, has acquired H. 
Tftyior and Son (Isleworth) for 
£1.3m cash. Speyhawk acquired 
125,932 sq ft of warehouse, 
storage and industrial building 
space — Taylor's only significant 
asset, since it ceased trading on 
January 31 


further finance of £15m of which 
the company subscribed £500,000 
to a loan stock with rights of 
conversion "into ordinary and 
guaranteed repayment of 
£500,000 of other short-term 
borrowings. 

A 15 per cent interest has 
been taken in Nixon Drilling 
Co. Inc, of West Texas, for £L4m, 
and the funds will be used to : 
finance partially the purchase of 
new equipment, directors state, i 

Since the end of March, North 
Sea has invested £lm in a small 
portfolio of quoted U.S. explo- 
ration companies. 

Following recent changes in 
shareholdings and in the assess- 
ment of improved prospects of 
investments in Redpath de Groot 
Caledonian (now called RGC 
Offshore), investment by North 
Sea has been increased through 
subscription of £200,000 in a 
rights Issue, so that the company 
retains is 5 per cent interest in 
RGC. 

LEADENHAIX 

STERLING 

Hays Group's unconditional 
offer for .Leaden hall Sterling 
remains open until further 
notice. 

Acceptances, have been 
received in respect of 4591,108 
ordinary units (97.62 per cent) 
and Hays intends to acquire com- 
pulsorily any outstanding shares. 


New chairman 
for Selincourt 


Rights Issues 

Clifton Investmen ts — I s raising £144,000 by way of a rights issue. 
Each rights issue unit will comprise of 100 new “A” ordinary 
shares and one redeemable convertible cumulative preference 
share of £1 for every 100- ordinary shares at £2 per un±L 

F. J. C. Lilley — Is raising £6384m.by way of rights issue on the basis 
of one for five at 12 Op per share. 

Nell and Spencer Holdings — Is proposing to raise £610500 by way 
of a one for two rights issue at 12p per share. 


Offers for sale,placings and introductions 

Brown Shipley International Currency Fund — Offer for subscription 
for 25m lp participating redeemable preference shares at 
105p each. 

East Anglian Water Company — Is offering for sale by tender £2m 
of 9 per cent redeemable preference stock at a minimum price 
of ‘£99 per cent. 


CONTRACTS 

£20m pipeline work for 
British Pipeline Agency 


SELINCOURT has appointed 
Sir David Nleobon its chairman. 
Sir David is chairman of 
Rothmans International, BTR 
and the Channel Tunnel Group. 

Mr T.. F. *Tam” James, 
chairman of the WILLIAM 
MOSS GROUP, has stepped down 
as chairman of the group's main 
subsidiary, William Moss (Con- 
struction). Mr John Bower suc- 
ceeds him as chairman and chief 
executive and Mr Bob Baker, 
managing director of the Liver- 
pool Branch, becomes deputy 
chairman. 

Mr. G. M. Bagpt, Mr D. L G. 
Barlow. Mr A. J. S. Ewen, Hiss 
C. C. Ferguson and Hr A. P. 
Spender have been admitted into 
the nartnershlp of WOOD, 
MacKENZIE & CO, stockbrokers. 
* 

Mr 'Ll. EDdngton, of Fegler 
Hattersley, has been anointed 
chairman of the BRITISH 
VALVE MANUFACTURERS 
ASSOCIATION. 

¥ 

Sir John P. Lucas has been 
apoointed tn the -board of direc- 
tor of WIfiHAM POLAND 
PENSION CONSULTANTS. 

W1GHAW POLAND REINSUR- 
ANCE BROKERS has appointed 


Mr Robert J. E. Secular an 
associate director and Mr 
Christopher D. Epps and Mr B. 
Johnson divisional directors. 

■¥ 

' - GOODMANS LOUDSPEAKERS, 
a member of the Thorn EMI 
Group, has appointed Mr T. E. W. 
Bennett managing director. 
Other board appointments in- 
clude Hr S. Buck, manufacturing 
director, Mr A. Milford, financial 
director and company secretary 
and Mr R. Hawfces, sales director. 

4 

Mr Peter James Holland, who 
rejoined THE IDC GROUP a 
year ago as group financial con- 
troller, has been appointed 
company secretary in succession 
to Mr Alan Shaw. Mr Shaw re- 
tains his position as group 
financial director. 

4 

Mr John Seblre, formerly 
chairman of BERXSFORDS, has 
been elected president Mr David 
Mynors, a non-executive director, 
has been made chairman. Mr 
Roger Bushel! and Mr Ernest 
Harrison have been appointed 
directors. 

* 

Mr Colin G. Wiseman h as be en 
appointed to the board of TERN- 
CONSULATE as group finance 
director. 


A £20m oil pipeline construc- 
tion programme to move oil pro- 
ducts between refineries and 
distribution terminals including 
a link to take jet fuel to 
Gatwkk Airp ort, i s to be carried 
out by BRITISH PIPELINE 
AGENCY, acting on behalf of 
BP Oil, Chevron Oil (UK). Mobil 
Oil, Petrofina (UK), Shell UK 
and Texaco. Work is starting this 
month • and the pipelines are 
expected to be operating by mid- 
1983. 

The development will help 
refineries at Stanlow.in Cheshire, 
and Pembroke, in Wales, to 
supply petrol, derv, heating and 
aviation fuels direct by pipeline 
to the South-East as well as 
connecting the Essex refineries 
and facilities at the Isle of Grain 
by pipeline to Gatwick. 

British Steel Corporation is 
supplying 122 miles of 10 inch 
diameter steel pipe costing £5m 
and contracts have been awarded 
to British companies for the 
construction of a 90 mile line 
from Kingsbury, near Birming- 
ham. to Hemel Hempstead Herts, 
a 10 mile line from Longford, 
near Heathrow Airport, to 
Walton-on-Thames and a 22 mile 
line from Walton-on-Thames to 
Gatwick Airport. 

* 

A contract for an 8 km long 
overland coal conveyor has been 
awarded to CABLE BELT CON- 


COMPANY NEWS IN BRIEF 


VEYORS (PTY), the South » 
African subsidiary of Cable Belt 
at Camberley, Surrey, worth 
around R7m (£4m). Awarded by 
Rand Mines, the contract is on a 
full turnkey basis to include 
design, supply, civil engineering 
work, erection and commission- 
ing. 

The initial capacity of the • 
system is 1,400 to ones per hour 
of crushed -coaL on a 1,040 mm 
wide belt running at three 
metres per second. The belt will 
be carried on 41 mm diameter 
drive cables. 

’ie 

PILCHER- GREENE has won 
an order worth £2m for 140 four- 
stretcher Land Rover ambul- • 
ances, together with equipment 
and services, to be supplied to 
the Royal Jordanian Aimed 
Forces. 

★ 

FISHER CONTROLS has 
received an order valued at 
£700,000 from the Electricity 
Supply Commission at Malawi. 
The contract covers the supply 
of control and monitoring facili- 
ties for two control centres. At 
Nkula, the generation control 
centre will monitor and control 
the generation facilities at both 
Nkula and Tedzani power 
stations. At Blantyre the system 
control centre monitors and 
controls the total transmission 
system. 


159 — 1*7 « 

£** ~ 1S.0 18 

25 — 3.0 12 

% - 8.* i 

230 — MJS _ 6 

on Prwrtti 48146. 


1S.0 185 

3.0 12.0 45 7.B 

8.4 8.1 -55 85 

145 65 65 U0 


BODDMGTONS' BRfEWERIES — R bbuIis 
far 1981 reported March 18. Group 
sJiflrehddm' funds 02. 06m {£2S.12ai}. 
Fixod aesots £34. 3m (£3D.8S*n). Net 
current liaMHties EB75.Q00 (E682 . 02Q). 
Cash £2.1 m (£1J2Eoi). Current cost 
pre-tax profits £5J53m (64.69m). Capital 
cemmiimeno E3.68m (£154m). Chair- 
man believes tie sbould be eUe to 
report another year of progress in 12 
months* tune. Meeting, Manchester, 
May 7. 

THURGAR BARDEX (pteMic products 
manufacturer)— Results for year to 
December 26 1981 reported April 2. 
Group fixed assets £3. 54m (E3.61m). 
Net guiren.t assets £754.000 (£452.000). 
SfceTohotdttrs' interest £3.46m (13.37m). 
Chairmen says Lmmodiau future con- 
tinues to look difficult end uncertain, 
but confident of longer term prospects. 
Aj there i* now no further room for 
expansion at Kettering sir a they ere 
negotiating for en addition si site 
near-tv- Meeting, Kettering, May 6. 

LAURENCE GOLD AND CO. (agricul- 
tural consul tarn)— •Rewrite f or 1981 re- 
ported April 7. Shareholders’ funds 
£706,531 (£620.497). Fixed assera 

£413,889 (£435,395). Net current assets 
£319,133 (£145,465). An increase in 
farming profits is anticipated in 1982. 
as a result of increased -efficiency. 
Shares «« destt in under Rule 163(2). 
Meeting, SelHsfoid. Warwick, May 5. 

INVHtGORDON DISTILLERS (HOLD- 
INOfi)— Aesufts for 1961 as reported 
Marefa 9, 1982. Stisrebofdera* funde 
£30. 11m (£27 .58m): fixed assets £13.8m 
(El 3.6m); net current assets £16.49m 
(E14.18m): bank overdrafts £5. 04m 
(£150.000); increase in net borrowings 
£341.000 (El .42m). Meeting. Glasgow. 
May 25. at 12.30 pm. 

AULT AND W1BORG GROUP (points, 
chemicals. Inks) — Results for 1B81 
reported March 6 in preliminary state- 
ment with prospects. Group freed 
Besots Etl.fiZm - (ElO^Stn); net current 
assets £6-S8m [El 0.2m): shareholders' 
funds £17.23m (£1 7.22m). Board 

behaves results in. 1982 should show 
considerbale improvement Meeting. 
71, Smnden.Rohdr SW, May 7, at noon. 

EAST LANCASHIRE PAPER GROUP— 
Results for 1981 reported March 12. 
Group fixed .assets £8 .72m (CGJ53m): 
net current assets £337m (C3.82m>— 
bank leans and overdrafts £3.56m 
(£2. 28m). Chairman sajqnhat Merchant 
Group, now with an annual turnover 
of over £2Qtn. should be capable, with 
tho reduction in overheads achieved 
during 1961, of reluming 10 profit 
despite rhe probability ol no improve- 
ment in the market. during 1982. After 
a slow start in January business in 
tho group re now picking up with 
improved results coming through 


although there is no indication of a 
consistent improvement across all 
sectors of the group's business. Meet- 
ing, RadidHfe. April 29. 

FAIRCLOUGH CONSTRUCTION — 
Results for 1961 reported March 24. 
Group fixed assets £34^8m (£35.02m). 
Investment in associates ESJUSm 
. f£5J91m). Trade investments £7 .78m 
- (£D.72m). Net current assets £8. 29m 
(£9-34rn). Liquid funds increased by 
05.74 m (£7JSm). Report shows 
termination pay me n t s to former direc- 
tors £43.000. Chairman says group is 
In good health and will ba able to 
go into the future with confidence. 
Meeting. Manchester, May 5. 

LONDON AND HOLYROOD TRUST— 
Gross inconra for the year to March 31, 
1882. E2J28m (£2.16m), management 
expenses 0-30.755 (004,799). Interest 
£14.000 (£28.289). ux £762.855 

(£709,664). Staled earnings per 25p 
share B.17p (5-BSp ) _ Final dividend 4p 
(3.75p). making 6p (5.75p). 

UNITED BISCUITS (HOLDINGS) (food 
product manutseturer)— Results - for 
1981 and prospects re p o rted Marc h 12. 
Shareholders' fund s £298.6m (£256. 5m): 
fixed assets £291 .8tn (£2K9.6m): net 
current assets E76.4m (£33J2m). 

Decrease in net liquid funds £11. 4m 
(increase £T7.3m). Meetings: Edin- 
burgh, May 11, at noon. 

SPfftAX-SAfiqO ENGINEERING (fluid 
control equipment speewriiof) — Results 
for 1981 reported March 31. Share- 
holders' funds E34j58m (£21 36m ) . 

bank loans £516,000 f£2.47cn): net 
oorren; Besets £24.9m (in 3m) includ- 
ing cash and short term funds £9J34m 
(CI-BIni) and batik overdrafts £802.00 
(£1.81 ro): increese in cash holdings 
£12.7m (£2. 77m de creas e); increase in . 
working, capital £382.000 [E1J37m). 

Meeting: Ch alien h am . May 1 19, 

12.46 pm. 

NU-SW1FT INDUSTRIES (fire 
extinguishers) ffasufti . for 1981 
reported Match 12 in preTunioat-r state— 
mem with prospects. Group find 
assets tZ2tm (£2.35m); net onnnt 
asets El .44m (CIUBm); sf ra rahoMera* 
funde E3.87m (E331ro). Board looks 
to future with quiet confidence. Meet- 
ing, Old Swan Hotel, Harroga te . May 
6, at noon. 

STAG FUHtHI UR & -- R e s uita and pros- 
pects for year to December 25. 1381 
reported March 11, 1982. Shareholders' 
funds £10.Bm (ETO.dfim): fixed assets' 
£6. 72m (£8.96m); net current assets 
£4. 37m |£3.2 6m); increase, in working 
capital £283.053 (CI72,000). Meeting; 
Nott.ngham, May 11. at noon. 

SCOTTISH TELEVISION— Results and 
prospects lor 1981 reported Mzreh 13 
1982. Shareholders' funds C13.C4m 
(Ell. 17m); hxed assets £lCjS3m 


(£9.G7m); net current assets E2.11m 
(C2.1m). Decrease in liquid funds 
f/*«.522 f £417.957). Meeting: Glaegcw 
. Mey 7, at noon. 

SENIOR ENGINEERING GROUP— 
Resists for 1381 end prospects reported 
April 7. Shareholders' funde £23.45«n j 
(£27.E2m). Fixed assets ClS.Sdm 
(£1 5.14m). nai current assets £22. 63m 
(E17.C4m). Increase in working cap-tai 
£1.74m (£2.C4m decrease). I ncrea se in 
net liquid lunds £3. 27 m (£683.000). 
Meeting: Connaught Rooms. WC, May 
11. 12-30 pm. 

SILXOLENE LUBRICANTS— Reeuits 
for 1981 and prospects reported Apr- 
1. Sfiarefioiders' funds £4.8Sm 
(E457m). Net currant assets £3 .25m 
i£2.S4m). Increase m werirng capital 
E227.000 (£377,000 decrease). Meeting: 
Derbyshire, May 7, noon. 

CHURCH AND CO. (shce retsrier. 
wholesaler end manufacturer)— ResuiDs 
for 1381 reported March 25. Share- 
holders' lunds £18.Cf>m (£14. 65m). Net 
current assets £10. 3m (£9. 22m). In- 
crease in working capital £2.99m 
(£2 .27m). Chairman predicts better 
first half In .current year, compered 
with same period in 1981. .FuU.year 
ouiconis will depend on success of 
UK retail operations. Mooting: 
Northampton. May 7. noon. 

LONDON AND PROVINCIAL TRUST 
(Investment trust) — Find dividend lor 
year to March 31. 1982. 3JB5u (3.Zip) 
lor a toiei of 5.65p (5.3p). Gross in- 
come £3.C5m ltZ£m): expenses 
£173.598 (El 37,735): interest £35.000 
(seme); lax £1. 04m (£337,333); revenue 
available £1 9m (El.Tmi. StatBd earn- 
ings per Sn sh^re 5.67o r5.3cri). 

JOVE INVESTMENT TRUST-— Net asset 
vdue per capital aria re as at March 31, 
1982. waft 0.04p. 

BaUROSE CORPORATION (print’hn 
and packaging group) — Reeuits lor 
year in January 2, 1932. reported on 
March 28. Shareholders* funds 
£17JSm f£15.Bm); current assets 
£18. 88m (£10. 38m); net current assets 
£7. 64m (£8.2fim). Meeting: Greet 

Eastern Hotel, Liverpool Street,' EC. 
May 23, « 11.45 em. 

B&TTAKNIA ARROW HOLDINGS 
(financial senricae group) — Reacita for 
1981 ' reported on Mroeh IS. She re- 
bo I decs 1 funds £34. lm (£28, 61m); 
camera assets £31. .97m (£31.SSm), in- 
cluding bank balances and cash 
£10. 14m (£13.C4m); net current assets 
C!l-85m (n 2.81m); investments 
£19. 27m (CIO. 25m) with merfcet value 
of £21.64.ii f£14.16m). Chairmen says 
board has plans to acquire more fund 
management groups both in UK and 
overt cas. Meeting: Carpenrars Hall, 

1 Throgmorton Avenue. EC. May 13, si 
noon. 


This advertisement is issued in compliance with the Regulations of The Stock Exchange. 

Nationwide 

/T^l Building Society 


Placing of £7,500,000 14 %per cent Bonds 
doe 25th April 1983 

Listing for the bonds has been granted by the Council of The Stock Exchange. 
Particulars in relation to The Nationwide Building Society are available in the Extel 
Statistical Services. Copies of the placing Memorandum may be obtained from:— 


Fulton Packshaw Ltd., Laurie, Milbank & Co., Rowe & Pitman. 

34-40 Ludgate H01, Portland House, City-Gate House, 

London EC4M 7JT 72/73 Basinghall Street, 39-45 Finsbuiy Square, 

London EC2V5DP Londcm EC2A UA 


MARTIN CURRIE& CO. 

INVESTMENT TRUST COMPANIES AT 31st MARCH 1982 


Assets 
hnCuimt 
LfehBBiB 
£ motion 

UK 

% 

Nofii 

America 

% 

1&5 

49 

39 

23.8 

64 

25 

124.7 

53 

33 

29A 

43 

37 

ea9 

58 

29 


3 SLAndrewTsL 
5 Scottish Eastern ImtTst 
8 Scottish Ontario ImtTst 


Net Asset 

Vttuo 

Prior charges Share 

Grass 

'sxaf Return 
onNAftbsw^KKO 
(Source; Wood 

id par 

Price 

Yield 

MadsBiizie&CD) 

P 

P 

% 

Syis lyr 

193.6 

174 

4.6 

167-8 101.6 

198.7 

157 

5 9 

165.0 104^5 

109.1 

82 

5.8 

164.7 101.7 

103.7 

55 

53 

154.4 103.5 

147^ 

113 

6.2 

160.1 103B 


29 CHARLOTTE SQUARE, EDINBURGH EH2 4HA. TEL 031-225 3811 


LADBROKE INDEX 

Close S664S5S (+7) 


THE THING HALL ' 
USM INDEX 
117.7 (+0J.) 

dose of business 16/4/82 

base date 10/11/so ioo 

TeU 0W381S91-- 


“PENNY SHARES” 

Monthly advice on low-priced 
shares, which tabuy and 
when to sail 
For full details end a 
FfteE COfY miter 

the penny share guide 

IIP Blomfiefcr Street 
London EC2M7AY 


“BOOM Off BUST” 

Peony Shares and other 
Spectrfxtioitt 
Published monthly 
For details and your free copy 
writs: 

“Boom or Bast” 

156 Camden HIgh Street . 
London NWi ONE 


LOCAL AUTHORITY BOND TABLE 


Author! ly 

C telephone number in 
parentheses j 


Annual Interest Life 

gross • p&)r Minim um of 
interest able sum - - bond 


Knowsley (051^48 6555) ISi 


ILK. CONVERTIBLE STOCK 12/4/82 


Con- Premium? Income Dear/— 

Size Current version- Flat Red. ^ * 

(£m) price Tenns* dates* " yield yield Current Ranget Eqn.g Conv.f Div.^ Current 

WO 27150 3KL3 »97 L9 L8 - 2 to 4 nj 837 195 +17.7 


VUUUIL 

’ Name and descnptioc - (£m) price Tenns 

British- Land 12pc.Cv. 2002 ' 9X0 27150 333B 

Hanson Trust fijpc Cv. 88-93 . 3-02 167.50 114^3 


Hanson Trust 9ipc Cr. 01-06 


Satisfies provided by 
DaTasi REAM Imernetto/ial 
Cheap( + ) 
Income Dear{— )£■ 


-16 —52 to — 1 


Slough Estates iopc Gv. S7-90 

5J1 

234.50 

187 J5 

7884 

44t 

—241 

- 8to 5 

Slough Estates SpcCv. 91-94 

2488 

. 110.00 

78.0 

-80-91 

7.4 

&9 10^ 

3tn 14 


195 +17.7 


51 —H — t n 


18.0 - 2d + OJJ 


.3 45.4 12.1 + 1.9 


* Number ef oidinafy^hneg into which E100 nominal of convertible stock is convertible, t The extra cost of investment in canvorrihln « n » UIU i r ..i ^ ,k. 
cost of the .equity in the convertible suck, t Three-month rang*. § Income on number ol ordinary shares Into which £100 nominal of tnnvart.h?,flin!L P > 

This income, exposed , n pence. _« summed from prawm dim unul Income on ordinary shares Is greater than iMome 
conversion date whichever is earlier. Income hiesaumsd to grow ai 10 par cent per annum and is pmaem Valued mVSstwL 

cpnvortibla. Income- is sufnmM broil conversion and present valued at 12-par cent per annum. tQ This * income of .he^^Trohl ££ “SuJL 1 "S *11 “jSSSil 
eaoity expressed as per cent of, the value of theundarfying equity. O The difference between the ^emium end Mnn canf ol S12S2 

of ondoriying equity. + Is an indication of retanre cheapness. - ie an indication of relative dearness. A Second dam is 

necessarily the last date ol conversion. , aecona a am > s assumed data of conversion. .This is not 




























Financial Times SaturdajrApril £r...J.w& 


CoBpacies and Markets 


WORLD STOCK MARKETS 


NEW YORK 


April | April 

is : 14 


ACF Industries,,. 1 

AMF._ i 

AM Inti ! 

ARA J 

ASA- 

AVX Corp i 

Abbot Labs 

Acme Cl eve 

Aaoho on & Gas.) 
Advanced Micro,! 
Aetna Lffo & Casi 
Ahmanson iH.F.j! 
Air Prod ft Chemi 

Akzona, ' 

Albany int ; 

Alberto-Culv.-_ 

Albertson's 

AicanAIumlnlu m 
Alco Standards. 
Alexander & Al_. 
Aleghcny Inti.— 

Allied Corp 

Allied Stores 

Allla-Chalmers— ; 
Alpha Portd I 


Alcoa ....—I 

Amai. Sugar-.,.-; 

Amax 

Amdahl Corp 

Amerada Hess.... 
Am. Airlines....... 

Am. Brands -I 

Am. Braadcasfg; 

Am. Can : 

Am. Cyenamid../ 
Am. Eject. Powr. 

Am. Express., J 

Am. Gen. Insnce.' 
Am. Hoist ft Ok... 
Am. Home Prod-' 
Am. Heap. Suppy 
Am. Medical Inti 1 

Am. Motors 

Am. NaL Rescas' 

A m.Petflna 1 

A m.Quaaar Pet-, 




Schlta Brew — 
Sehlumbeger-. 

SCM— 

Scott Paper.. — 

Sea con 

Seagram 

Sealed Power .. 

Searie (GDI 

Sears Roebuck. 
Security Pac..-. 

Sedco 

Shall Oil 

Shell Trans 

Stierwl n-Wms— 

Signal ... 

Slgnode — . 


Simplicity P**t—| 1** 

Singer ~| Jf, 

Skyline — — 

Smith Inti MU 

SmtthMinO Book W 

Son cats Inti 

Sony 

southeast Banks 
Sth. Cal. Edison- 31*8 
Southern Co-..— 

Sthn. Nat. Res— ** 
Stun. N. Eng. Tei. 44 8 
Sthn Pacific.— 

Sthn. Railway— | WM 

Southland f* 

SW Bancshares-i 853® 

Sperry Corp Vg* 

Spring Wills — .• 

Square D |6 Sb 

Squibb- gji* 

StcLBrands PalntJ 23 "8 


Std OH CllfomlaJ 
ltd Oil Indiana— | 
Std Oil Ohio 


Stanley Wks t 


Stauffw Cham 

Sterling Drug—.: 

Stevens UP) i 

Stokety Van K.-. 
Storage Tech. — 

Sun Co — 

Sundstrand 

Superior Oil 

Super Val Stre— 

Syntax. 

TRW 

Taft 

Tampax- 1 


Tandy L|®i* 

Teledyne .12058 

Tektronix- * 54 U 

Tanneoo -| 28ia 

TeeoraPet SOM 

Texaco ! 30 

Texas Comm. Bk 35 
Texae Eastern.— » 4 1>e 
Texas !?»« Tm— . 26 ? 8 
Texae Instr'm’ts.; 867» 
Texas ON ft Gas..; 29 
Texas Utilities.... 22, 

Textron *f s « 

Thermo Electro..; If 1 * 
Thomas Betts....,: 62 

Tidewater. • 25 1* 

Tiger Inti f 7 B 

Time Inc. 35 1 * 

Times Mirror I 42 


FURTHER SMAIX gains were 
scored on Wall Street yesterday, 
with much of the support coming 
from a renewal of takeover 
speculation is the Energy sector. 

By mid-day the Dow Jones 
Industrial Average was up 
another 1.62 ax S£L23, reducing 
its loss on the week to 1.71, 
while the NYSE AU Common 
Index, at S67.05, rose fl cents on 
the day and 16 cents on the week. 
Advances led declines by a seven- 
to-five majority, in a yptome at 
28.88m shares. 

Energy stock prices jumped 
following the news late Thursday 
that Aetna life will acquire the 
71 per cent of Geosonrce shares 
it does not already own through 
an exchange of stock .valued at 
S638m_ 

Geosomee soared 518 to $50 in 
the morning, while Aetna fell 
84J to $43}, both is active 
trading. 

Curing the Conoco ?tiH 
Marathon oil takeover battles, 
stocks of several other Natural 
Resource firms also gain ed 
ground as investors speculated 
about who would be the next 
acquisition target. The same 
pattern appeared is the market 
yesterday. 

Gains were recorded by 
General American OH, up $H to 
S35. North American Coal 51} 
to S30. Superior Oil SJ to $293, 
Shell OH SI} to $38} and. Tesoro 
$J to S213. - 

Higher earnings pushed up 
Comzmmi cations Satellite bv SU 
to 860}, while Merck rose Slj 
to S73J despite lower fimnwai 
results. 

Saxon Industries dropped 51} 
to $1 ] — Thursday the firm filed 
for bankr upt c y . : 

Omni care declined $2 to $25 
on the news that American 
Medical International -will not 
renew its pharmacy contracts 

With the comp any 

In active trading, volume 
leader Tenneco shed S$ to $283, 
bnt General Dynamics improved 


$1 i to $29}. Mitel gave way $11 to 
SIS}. 

THE AMERICAN SE Market 
Value Index eased 0.45 to 273.03, 
reducing its rise on the week to 
237. Volume 215m wh ores. 


benefited from the bargain hunt- 
ine while Electricals and major. 
Chemicals were little changed. 

Australia 


Tokyo 


Canada 


Stocks were lower at mid 
session, with the Toronto Com- 
posite Index retreating 7.1 points 
to UU3JL ■ . 

The G old Share Index lost 35.1 
to 23702 and Oil and Gas 25.8 to' 
2806.5, while Utilities -eased 023 
to 20512 and Banks 010 to 
310.67. - ■ 

Norcen Energy, involved in a 
battle for UJk based Haniu 
Mining, firmed Si to $24|. 
Analysts said Hanna's Court 
action is only a delaying tactic, 
and it is doubtful whether Hanna 
will he successful in blocking 
the hid. . 

Phoenix Canada was halted in 
early trading after rising $li to 
$13} — its President knows of no 
reason for the activity, in the 
stock. 


Amsterdam 


Timken.. 

Tipperary—— 

Tonka 

Total Pot 

Trane — 

Transamerica. 

Tramway.. 

Trans World.... 

Travelers 

Tiioontrol . 


Closing prices for North 
America were not available 
- . for this edition. 


Mixed in quiet trading. 
Yesterday's expiry, dates for 
February contracts of some 
Options led to slightly, increased 
demand. 

Higher profits and dividend' 
announced by Amev boosted 
demand for Insurances with 
Amev up FIs 220. Ennia FIs 3 
and Natned, whose results are 
due next week, rising FIs L 
Bos Kalis traded FIs 18 40 
lower- at 4520 after announcing 
more than halved 1981 profits and 
considerably lower dividends. 

State Loans slightly recovered 
from lower .opening levels, but 
were still below, Thursday's 
closing prices. 

Germany 

. Prices staged a modest 
recovery, reflecting bargain hunt- 
ing and pre-weekend buying, by 
professional traders. 

Brokers pointed to the slight 
recovery of Bond prices as help- 
ing stabilise the market 
Banks, Stores and Motors 


Thursday's sharp rise flushed 
out some sellers yesterday as 
markets finished the' week 
slightly lower. Trading .volume 
also fell. 

The ’easier prices of Gold and 
Silver on International Com- 
modities Exchanges was a factor 
in the quieter trading, and it was 
also dear that the end of the 
long Easter dealing Account in 
London had pumped some stock 
into markets from the UK. 

Most of the key. Gold and 
Silver Mines eased, but losses 
weren't very significant. 

Markets appeared unsure about 
the CRA-Showa DenKo deal. CRA 
has paid gAHJOra for a sub- 
stantial holding in the Japanese 
Alumi nium Group, which makes 
it more, or less, a captive 
customer of Comalco. CRA firmed 
to AS2.75 but Comalco shed 3 
cents to $AL77. 

a J. Coles, W H cents at 

SA2.17, performed best among 
the Retailers, and James Hardie 
starred in the Building Materials. 
■ oils were mixed to firm. 


Singapore 

Lower on lack t>f support in 
selective moderate trading, with 
sentiment further depressed by 
lower Hong Kong advices. There 
was also caution ahead of Tburs. 
day’s General . Elections in 
Malaysia. 

Among Properties, UOL headed 
upward in the morning but later 
fell back to S$2B8 from SS2.91: 
the Investment arm of COB, one 
of the major Singapore Banks, 
said in its annual report it 
realised a S$293m surplus from 
a revaluation of its properties. 

Among Industrials, Cold 
Storage shed 10 cents to 2.78 — 
it said TfiursdaS' group pre-tax 
profit fell 15 per cent in the year 
ended January. Going against the 
general trend, Keppel Shipyard 
rose 15 cents to S$5.30. 


Shares 'ended narrowly mixed 
after a day of thin trading, due 
to uncertainty o vet likely 
developments in the Falkland 
Islands dispute^ Middle East 
tension. 

The Market Average added S.S3 
at 7,129.69 in a .volume jof 270m 
(190m) shares. ; ; 

Export-oriented issues, “ Large 
Capitals and other - .market 
leaders fell initially on scattered 
Foreign sales, hut -recovered 
subsequently- m local bargain 
hunting. , r . . . • " _ 

Gold Mines and other specu- 
latives jvere firm, while -."low 
priced Domestic issues were 
bought selectively,- towards the 
close. • V - 

Matsushita Electric finished Y8 
up at 910, arter faffing Yi? to 
ss5. . _ . 

Mitsubishi ; Heavy ■ Industry 
shed Y2 to 2i0 and Toyo Kogyo 
Y4 to 311 alter Ford said in the 
VS- it has heh^uo. talks 
the Japanese . afiffiate- on a 
possible joint venture to make 
small cars in that - country*. 

Hong Kong 

. a bearish speech by r the 
Financial Secretary late Thursday 
triggered some, selling, leaving 
most share prices lower in ymy 
thin dealings. . . . 

The Hang Seng IndexfetF 18.78 
to 1.1S2.4S on combined turnover 
of HKSTlO.lm (HK$IlL7tei). 

The Financial Secretary said, 
that lower than expected exports 
might require him to cut his 
estimate of economic expansion 
in 19S2. An analyst said tbit the 
news hit the Stock Market/where 
the fall off in exports had been 
ignored by many until now,- . 


Switzerland 


Steady to slightly tarter; with 
few significant price changes. 
Dealings started out ; thin, -but 
activity picked up during the 
session as investors squared their 
positions ahead of the long week- 
end. Monday is a holiday in the 
Canton of Zurich, and the Stock 
Market will be dosed. 




BELGIUM (continued) 


RALIA 


April 1 Apr.! 
15 14 


April 16 


Price + or 
Fra. — 


JAPAN (continued) 
j Price! 
April 16 1 Yen | 


Tri Continental...' IS 1 * 
Triton Energy-... His 

Tyler — ... lBij 

UAL.— 21 

UMC India. ! 7*8 

Unilever N.V. ' 57T S 

Union Camp J 45 is 

Union Carbide....! 45 lg 


Union Oil Cal 

Union Pacific— 
Uniroyal.—... 
Untd Brands.—. 
Utd. Energy Res. 

US Fidelity C 

US Gypsum 

US Home 

US Inda : 

US Shoe- ..... 

US Steel 

US Surgical..— 

US Tobacco- 

US Trust 

Utd. Teohndga _ 
Utd. Telecomms. 

Upjohn - 

VF 

Vartan Asaoes.— 
Vemltron 


Virginia EP 1 

Vulcan Matrla... 
Walker (HI Res...! 
Wal-Mart Stores. 

Warnaco — J 

Warner Comma.- 
Warner-Lambt 




Washington Po 
Waste Mangt- 


WasteMangt 

Weis Mkts 

Welle Fargo 

W-Polnt Peppi- 
Western Alrilna* 
Westn. Mth- Amr. 
Westinghouae— 

Westvace — - 

Weyerhaeuser.— 




Indices 


NEW YORK -DOW JONES y 

■ ; ' ' j I I 1962 . [Since Cmpil.tt 

; April 1 April ! April April April April — I . ! ■■ 

15 i 14 , 13 ! 12 i 8 V High Low L High. Low 


elndustr'ls .S39.B1 B5B.03' 84I.H. 84T.J!l842J< 8M^ 882.62. 7*5.47 1061.70 L4U22 

! I ; I .1 i ■ ■ mif i tern kiuum 1 \nnm 

H.me Ends. I - ; 58.68 68.72] 68^2 | BB^S' 58.21 58.72 I 66;*7 [ - I 

5 * l I l MXlAs M4Fh 1 e » f 




Transports ;344.S2! 346.S7I 348,64) 347e47|348^4|344,S 
UtilitiOS..... ‘ 112.151 112.871 111.621 IID.9iJH8J2[lID.I 


66.87 - 

(IStfl 

• 14.66 44R88 

fWCJS '(IBWfB-n 


Trading Vol 1 I I l 

OOO. r 145^60. 46,150. 48,660'. 46,79460,180 53.16 


(Till « i fWSJi 'OBKIOU dmm 
1HjS2 | 1IW.61. [ 163.62 WJ» 
UWX L tlin>J<20/47eS) (28/4/4© 


4 Days high 842.85 low 832^8 



DENMARK _ 
Copenhagen SE (1/1/7^ 


Ind. dhr. yield % 


Mar. 26 ( Year ago (Approx) 


STANDARD AND POORS 


April . April April April I April April 
I 15 ! 14 13 ! 12 | 8 I 7 


j ^082 " [Si nce Cmplifi! 

] High* | Lew-] High I LOW 




Ind, P:E Ratio 


Long Gov. Bond yield 


NY. SX. ALL COMMON 


: Rises arid Mia 

[Apr.. 15, Apr. 14j 


Apr.: Apr.! Aor. Apr. 
15 1 14 1 13 12 


68^ 88^07-66.76 66.7 


1902 

' HUM Traded 1*663- 1,668- 1,863 

High Low nssa bib 609 795 

— 8 Falls,— 584 794 614 

7U0 62.52 Unchanged.^.. 462_ 485 -455 

(4ri) (12/5) New Highs. — - JO 38 

New Lows — 14 14 


MONTREAL 


I :| " ‘ ‘ , . 1988, 

April .April April April — ^ — j-~- 
15 ;Tl4 13 12 ' ' High. . Low 


Industrials ; 290.40! 293-59) 296.841 295.13! 352.7B |4,|) 270,49 (16,5) 
Combined I ZTSJSi 277.601 278.91! 276J581 . 516,08 (4,1). . (.258.08 (16.8) 

TORONTO Composlta. 1920,20] 1850^' 1654.7Sii"l«iil iMfl.S (4.11 * V I557J UW) 


Industrials 

Combined 


NEW YORK ACTIVE STOCKS. . . > 


Changa 

Stocks Closing on 
traded pneo da y 


TolB* J. 

IBM 

Ex-ion 

RCA 

ArlcfT FUly. ... 


Changa : i« • Chengi 

Stocks Closing on Stoelts -Clhsing ton 

traded pneo day traded price day 

.1.310,100 S\i + h Schlltz ......... 636.700 l&a — 

1.058,600 64 .+ h Gon. Dynam, ... 386.000 ■ 23 '+11. 

637.100 2S>4 — Pogo Prod 346.700. 12SU '+-Ti 

679.700 23% '+!>• Sony ’344.800 13 • — 

647.100 J>. — Mobil 325.300 22 + *, 









.iJn 






In" 1 . • 


















































































































































- Jsinanaal limes Saturday April 17 I9S2 

Companies and Markets 


INTERNATIONAL COMPANIES and FINANCE 


25 


iV 


■f 



collapse hits shareholders 


ST DAVID LASCEUES IN NEW YORK 


U.S. SAVINGS backs have heed 
falling like ninepins because of 
high U.S. interest rates. ThJs 
week's collapse of Fidelity 
Savings and Loan- Association, 
one of the largest in the San 
Francisco area, was specially 
dramatic. 

Not only did it force U.S. 
hank regulators to mount .their 
biggest direct rescue to date — 
there have been, bigger 
threatened "failures, but they 
were averted by forced mergers. 
It was also " the first failure 
involving .a publicly-owned 
bank, as opposed to a mutual 
institution* : The difference 
means that the bank has share- 
holders whose equity has been 
wiped, out. Mutual savings- 
banks. which account for the’ 
majority of U.S. savings banks, 
are owned by their depositors 


who are guaranteed protection 
by Government agencies. 

Fidelity Financial bad S2.9bn 
in assets but .was losing each 
heavily because its loan port- 
folio was stuffed with low yield- 
ing mortgages made before UJ5. 
interest rates soared to their 
current levels. By early ibis 
month, news of its troubles was 
spreading, . and depositors 
rushed to withdraw their sav- 
ings. ' 

Finally on Tuesday, Federal 
and State regulatory officials 
swooped- The chief executive. 
Mr A. C- Meyer, was fired along 
with his senior colleagues. 

Over the next couple of days, 
regulators transformed the bank 
into a mutual institution, 
enabling it to reopen for busi- 
ness. Mr Richard Pratt, the 
chairman, of the Federal Horae 
Loan Bank Board, one of the 


principal regulatory agencies 
involved, announced: "Fidelity 
is stronger than it has been in 
the recent past and now has the 
opportunity to once again 
become a healthy competitive 
force in the California market” 

All tiie depositors got their 
money back from Federal Sav- 
ings and Loan Insurance 
(FSLIC), the agency that pro- 
tects the public against savings 
bank collapses. But Mr Pratt 
warned that the FSLIC does not 
protect shareholders whose capi- 
tal is, by definition, at risk. 
And no one who bought the 
bank's shares could have 
claimed ignorance. In February, 
Value Line, a stock research 
service, said: “The shares are 
extremely risky and are suit- 
able for only the most venture- 
some investors.” 

At the end of last year, the 


bask had $32.Sm in equity and 
about 6.Sm shares outstanding. 

The regulators do not intend 
to prop Fidelity up for ever, 
however- The FSLIC, which is 
the official receiver, is now 
loking for a potential buyer and 
lias set a 30 day deadline for 
bids. 

Representatives of 32 banks 
attended a bidders meeting on 
Thursday to receive details of 
the bank's finances. Apart from 
other savings banks, they are 
■believed to have included 
several large New York banks. 

These banks are currently not 
allowed to open brunches across 
state lines. But regulators have 
said they can buy troubled 
banks in other states. 

The key question is how big 
a subsidy the regulators will 
potr into Fidelity to make it 
viable. 


American 
General bid 
for NLT 

By Our. New York Staff 
AMERICAN GENERAL, the 
22th largest insurance company 
In the U.S. and one of the 
biggest in Texas, yesterday 
mounted an unsolicited $lJ2bn 
takeover bid for NLT. another 
large insurance company based 
in Tennessee. 

There was no immediate re- 
action from NLT. But lively 
opposition is expected. NLT 
gave a hostile reaction to 
American General's earlier , pur- 
chase of 9 per cent of its stock, 
claiming that the m#ve was not 
in the best interests of the 
company or its shareholders. 

American General, which has 
expanded aggressively in recent 
years often by acquisition, is 
offering NLT. shareholders a 
choice of eight-tenths of one of 
its shares for each NLT share, 
or one share of a new preferred 
stock. Both are worth about $35 
at current market prices. 

NLT has about 34.8m shares 
outstanding. .They have been 
trading recently around $24. 
meaning that American General 
is offering a hefty premium of 
abnut 45 per cent. 


Cast rescue near completion 


BY WILLIAM HALL 

CHEMICAL BANK is close to 
finalising the first stage of the 
rescue 'package being pm to- 
gether for the Canadian- 
controlled Cast shipping group 
which has run into difficulties 
in. the shipping recession. 

Chemical Bank has already 
taken over the Cast Skua and 
Cast Gannet, two 105.000 dwt 
ore/bulk/oil carriers, and ex- 
pects to take aver the Cast 
Bear, a 69,000 dwt Pan am ax 
bulk carrier, on Monday. The 
three ships are being renamed 
and will be managed for Chemi- 
cal by the Connecticut-based 
Skaarup Ship Management. ■ 

The deal means that Chemical 
is cancelling its $37.1ra loan to 
the Cast shipping group and it 
is expected to help the troubled 
shipping group’s casb flow by 
around $20m over the next two 
years, in terms of eliminating 
interest and capital repayments. 

However, the removal of 
Chemical Bank also means that 
the way is now clear for Cast 
to negotiate a purely Canadian 
solution to its problems with 
the Canadian banks who have 
been financing it — principally 


Bank of Montreal and the Royal 
Bank of Canada. 

The Cast shipping group, 
headed by Mr Frank Narby, has 
run into serious financial di- 
culties in the mjd$t of its 
$43 0m expansion programme. Its 
immediate problem is the pro- 
gress payments on three 150,000 
dwt bulk carriers under con- 
struction in- South Korea. Since 
it ordered the ships the freight 
market has fallen significantly 
and the value of ebe ships, 
costing $60m apiece, ids fallen. 
At the same time Cast is taking 
delivery of six new container/ 
bulk carriers for its North 
Atlantic container ship opera- 
tion. 

In mid-February. Euro- 
canadian Shipboldings — Cast's 
parent company— said . that it 
was ** obliged to make a major 
asset disposal ” in order to 
secure the funding for the large 
new building programme. 
Accordingly, it announced - its 
intention to sell 50 per cent of 
its North Atlantic container 
operation and set a price "In. 
excess of $100m." 

At the same time he an- 


nounced that it was withdrawing 
from the fierce rate war in the 
North Atlantic container trades 
in an effort to bolster Lis profit- 
ability. 

Mr Narby’s shipping group 
has been expanding rapidly dur- 
ing a period when the shipping 
industry has been hit by a 
severe recession. His problems 
have been added to by the fact 
that Canadian National Railways 
turned down an option earlier 
this year to increase its stake 
in the group which is said to be 
worth just over $G0m. 

Mr Narby is in Canada cur- 
rently negotiating the proposed 
sales of part of the container 
operation. The group is under- 
stood to want to retain its 
ownership of the Korean hulk 
carriers because it feels that this 
is the ship of the future when 
the shipping market recovers. 

Eurocanadian is owned by Mr 
Narby’s fomily investment 
vehicle. Dolphin Investments 
(61 pe rcent). Helix Shipping, 
a Canadian venture capital com- 
pany own*. 21" per cent and 
Canadian National Railways 
owns 18 per cent. 


INTERNATIONAL APPOINTMENTS 


• Dr Edward T. Child has been 
appointed senior staff co- 
ordinator in the strategic plan- 
ning department of TEXACO 
INC. Dr Child will remain at 
Texaco’s Harrison. NY, offices. 

• Mr Earl F. Wearstler, presi- 
dent of DIEBOLD INC, has been 


elected chief executive officer. 
Mr Wearstler succeeds Mr Ray- 
mond Koontz, who will remain 
chairman. Mr Frank D. Robin- 
son. vice-chairman and • chief 
administrative officer, has 
retired but will remain on the 
board and serve as a consultant. 


• Dr Car! L. Angst, general 
manager and member of the 
executive committee of Nestle 
SA, and Mr Eric A. Giorgis, 
managing director of C1E Indus- 
trielle et CommerciaJe Du Gaz 
SA, have been nominated as 
board members of NESTLE SA, 


tiie Vevey-based parent company 
of the Nestle Group. 

• SMS SCHLOEMANN-SrEMAC 
INC has appointed Mr Thomas 
G. Knehisic as president and 
chief executive officer and Mr 
Thomas G. Hnzella- - vice-chair- 
man. Mr Kuchinic was executive 
. vice-president. 


Boskalis 
cuts payout 
as profits 
fall sharply 

By Charles Batchelor 
in Amsterdam 

BOSKALIS Westminster, the 
Dutch contractor, reported a 
sharp profit fall in 1981 and 
proposes paying. a much reduced 
d-ividend. -Trading profits 
improved bur were offset by 
sizeable extra provisions made 
for losses by some associated 
companies 

Net profit feJl to FI 20.4m 
(S7.tim) from FI 51.5m on turn- 
over which was 7 per cent 
higher at FI 2.74bn <$l.02bn). 
Net profit per share fel-I even 
more sharply to ‘ FI 6.03 from 
FI 18.0S following the issue of 
524.500 new shares taking the 
total To 3.37bn: 

Trading profit rose 57 per 
cent to FI 129.5m. The decline 
at the net level resulted from 
a 10 per cent increase iin the net 
interest charge to Fi 75.8m and 
a fall in extraordinary income 
to FI G.3m from FI 4S.7m, 
largely because of lower sales of 
assets. The tax bill nearly 
doubled to FI 3L8m while asso- 
ciated companies made a loss of 
FI 7.1m compared with the pre- 
vious year’s profit of FI 7.6m. 

Boskalis wall pay a FI 3.50 per 
share dividend compared with 
the previous year’s payment of 
FI 6.50 in cash and a one-for-40 
scrip issue. 

The result may improve this 
year on the basis of the order 
book which was FI 300m higher 
at Fi 2.7bn at the start of 1982 
than a year, earlier. In addition, 
a number of important contracts 
were obtained in the first few 
months of 1982. 

In 1981, larger, than expected 
losses were made on projects 
being developed jointly with 
other companies and by an 
associated construction company 
in Nigeria. 

i 

Factoring plan 
. by Olivetti 

DEUTSCHE OLIVETTI. the 
German subsidiary of the 
Italian computer and office 
machine group, has established 
a factoring company in a joint 
venture with Diskont Bank, 
which is controlled by Deutsche 
GenossenrchaftsbanK. 

A spokesman for Olivetti said 
Olivetti Finanz Service, with a 
regrsrered capital of DM 2m 
($4.S4m) will finance Olivetti 
contractors. 

Diskont Bank heads a 51 per 
cent stake In the new contract- 
ing company, and Deutsche 
-Olivetti 49 per cent. 


Pirelli plans to unify its 
worldwide operations 


BY RUPERT CORNWELL IN MILAN 

EXACTLY A - year after its 
divorce from Dunlop of the 
UK. Pirelli, the Italian tyre and 
cable group, has announced a 
sweeping reorganisation aimed 
at unifying the hitherto- frag- 

'mented management - of its 
operations worldwide. 

The cornerstone of the 
scheme, which caps three years 
of steady recovery by Pirelli, 
will be a hew company, Pirelli 
Societe General* FA, to fee 
based in Basle. 

Its “ substantial capital,” 
likely To be between SWFr 
250m and SwFr 200m.(?150m). 
will be equally owned by the 
group's two present Holding 
companies, Pirelli SpA of 
Mi lan and Societe Inter- 
nationale Pirelli SA (SIP) of 
Basle. 

The new concern will be 
headed by Sig Filiberto Pittini, 
bead of Industrie Pirelli, the 


main Italian operating com- 
pany. It will have not only 
ultimate management responsi- 
bility for the group’s sub- 
sidiaries around .the world, but 
also function as a source of 
funds for them, as required- 

The two parents plan a 
complicated exchange of shares 
-^subject to approval by 
national authorities involved 
— to allowed each of the two 
partners to have an equal stake 
in the various offshoots.’’ 

This step will in turn correct 
existing disparities, whereby, 
for Instance, Pirelli SpA has 
outright control of its Italian. 
French, and British lyre opera- 
tions while SIP, for no clear 
reason has a majority holding 
in the French and British cable 
subs id La kw*s as well as in other 
major Pirelli operations, especi- 
ally in Latin America. 

This previous and illogical 


division of responsibilities has 
prevemed the group from draw- 
ing full advantage from its 
total strength, Pirelli said last 
night. 

A further spin-off is likely 
to be the publication as early as 
next year of results from 
Pirelli Societe Genera Ie. which 
will effec lively be .the first con- 
solidated account.*: for the 
group. Its 19S1 worldwide sales 
reached L5.lonbn (S3.8bn). 

The restructuring, which 
executives insist implies no 
reduction in Pirelli's commit- 
ment to Italy, will produce an 
integrated group employing 
77.UU0 wurkers with 46 per cent 
of its sales in cables. 43 per 
cent in tyres, and 11 per cent 
in diversified products. Geo- 
graphically, sales are broadly 
divided into three equal areas: 
Italy, the rest of Europe, and 
Latin America. 


Italian authorities specify 
rules for company accounts 


BY JAMES BUXTON IN BONE 
ITALY HAS-taken an important 
step towards bringing company 
accounts into line with inter- 
national accounting practice. 
Consob. the National Commis- 
sion for Companies and the 
Stock Exchange, has laid down 
that company accounts must in 
future follow the rules of the 
International Accounting 

Standards Committee (lASCh 

This clears up considerable 
uncertainty as to what account- 
ing principles are to be fol- 
lowed when the presentation of 
certified accounts for the 19S2 
financial year becomes compul- 
sory for major companies next 
yera. 

Until now, Italian companies 
have had no obligation to pro- 
duce accounts which have been 
certified by an outside auditor. 
This has meant that the com- 
position of a company’s balance 
sheet has often been a creative 
operation, with the object of 
emphasising whatever the com- 
pany’s managers most warned to 
emphasise at tiie time. 

The first audited accounts are 
due to be produced next year by 
ihe larger companies quoted on 
the Stock Exchange, and their 
subsidiaries, as well as Slate- 
owned holding companies and 
their subsidiaries, the main In- 
surance companies and publish- 
ing houses. 


Though These concerns, which 
number about 3,000, have been 
preparing for the presentation 
of their accounts next year, 
they have been divided .on the 
system of accounting to use. 
This is partly because Parlia- 
ment has not passed Ihe neces- 
sary law amending the Civil 
Code which currently governs 
accounting, to lay down the 
necessary standards. 

Now the Consob has used its 
wide powers to decree the use 
of iASC standard*. The news 
has been welcomed by the 
growing Italian accounting 
fraternity, whirb is dominated 
by U.S. and British companies 
surh as Price Waterhouse and 
Arthur Andersen. 

Over the coming five years 
the requirement to produce 
audited accounts; will be ex- 
tended to more and more cate- 
gories of the companies and 
their subsidiaries 

When Parliament finally 
passes the necessary legislation, 
which, it should have done by 
the end of last -year in order 
to meet the requirement of the 
EEC’s fourth directive on the 
harmonisation of -accounting 
standards, a far wider range of 
Italian companies, beyond those 
connected with the Stock Ex- 
change. will be obliged to 
present certified accounts. 


Setback for 
Straits Trading 

By Georgje Lee in Singapore 

STRAITS TRADING Company, 
the investment holding and tin 
concern which is part of the 
Oversea-Chinesc Banking Cor- 
poration group, suffered a fall 
of 30 per cent in net ordinary 
profits in the year December, 
to S$33.1m (U.S. 515. 4ml, but 
recorded in addirtmi an extra- 
ordinary gain of S$73.fJm. 

The dividend [or ihe year has 
been raided, to 34 per cent from 
1930’s 30 per cent, with a third 
payment of IS rente, and the 
company lift announced a one- 
for-two scrip issue. 

Ordinary profits lor the year 
fell by 34 per cent to S$56.51m 
at the pre-tax level, 
cent to S$1.03hn ($480m). 

• COLD STORAGE HOLD- 
INGS. ihe Singapure food and 
beverage group, has reported a 
fall of 14.7 per cent in group 
pre-tax operating prufiis for the 
year ended January, to S$21.3m 
CU.S.§£l.9ml. At tiie pust lax 
level, earnings declined by 
lii.2 per cent to S$1 2.57m. 



Canpames and Market! 


COMMODITIES AND AGRICULTURE 


COMMODtTIES/REVIEW OF THE WEEK 

Disappointment on 
U.S. cocoa usage 


BY OUR. COMMODITIES STAFF 

COCOA VALUES on the London 
fixtures market fell sharply 
yesterday after the announce- 
ment of an unexpected fall in 
U.S. . first quarter 1982 cocoa 
bean grindings.. The May 
quotation ended nt a 10-month 
low of £948.50 a lonne, down 
£25 mi the day but only £9 on 
the week. 

The U.S. Chocolate Manufac- 
turers’ Association reported that 
the January-March grind 
totalled. 52.612 .short tons, down 
4.5 per- cent from the same 


period last year. Earlier New 
York traders had forecast that 
the figure would show a rise of 
between 1 and 5 per cent. 

The deep-seated “ bearish " 
sentiment in the market was 
illustrated by the fact that 
earlier news of West German 
and Dutch first quarter grinds, 
which where higher than antici- 
pated, had been ignored by the 
market- The- West German 
figure was 45,125 tonnes, up 8.1 
per cent against a forecast 1 to 
5 per cent, while the Nether- 


WEEKLY PRICE CHANGES 


Latest _ 

prices Ch nge . Year- 
i par tonna on ego 

unless week . 
stated 


1983 


High 


Low 


METALS 

Aluminium.. 

Free Markets c.l.f.—. 

Antimony • 

Free Market 99.«o — 

Copper Cash Htgh Grade 

S months Do. Do. 

Cash Cathodes 

S months Do. 

Ooki per ex ; - — ■■■ — 

Lead Cash.) * 

3 month! % . . .. 

NtaKw -■ 

Free Markets C.M. lb- 

Platinum per 

Fraa Market per OX--— 

Quick«lven763w» — 

Silver per or. _ 

3 month* per or....— — 

Tin cam 

S months — 

Tungsten inn 

Wolfram ,22.04 Ib.U... 

Zinc easily. — 

A months -■—■■■— 

Producers 


| £8X0/815 - £810/815 £810:815 £810/015 

!. *K»Bil030 — > *1SBG|410 SVlMllW fOOQtlMB 

S2950f060S24M/5M.S2125r2a& 
£830.5 £875 £821.5 

£903.78 £849.78 
£8*0 

;£848 

5405.5 - 8313 

£544.25 £365.5 £315 

£590.85 £377.85 £587.75 
£3,379.5 £39*6 £3737.75 

290>505o 2 53 /295c 240 /275c 
£813.50 £260 £260 

£817.75 £201.80 £168 JO 

*415/480 *418.48085801880 
61fr.55p 467.85p :386.60p 


. S 23 50. 3400 + 18.5 
, £867.6 +8.85 

. £895.75 +10.6 

. £862.6 . +9.85 

. £891 +1175 

*362.5 +8.5 

£519.85 -If ; 
. £332.25 ;—l6 

£3996 [ — ■ 

, 245 ’275c — 3 
£960 — ; 

.’ *198.35 +3.85 ; 
r *576'3BS - I 

: 427 .TOp +5.95 l 
441.50 !> . + 6.55 | 
' £7147.6 — 20 
1 £7379.5 :+4J5 
*120.52 - 

*102107-1 
£418.25 -8.5 
. £419.25 -6.5 
*860/900 , - 


£848.6 

£833.35 £871 
£837.75 £898.5 
*488.6 


DRAIN* 

Barley Futures 

Maize French™...—*—... 

WHEAT Futures..,.. .... 

Hard Winter Wriest-,.. 
SPICES 

doves — — — 

Pepper, 


„• £103.65 r +0.20 

i £133.5 i - 

£125.451+2.5 


„ black. 

LS 

Soconut i Philippines/ 

Sroundnut 

Linseed, Crude.,,— — 

Palm Malayan — 

:eds 

Copra (Philippines)-,— 
Soyabeans UJ.S.1 - — 
HER COMMODITIES 
Cocpa Shipments }. ... 
Cocoa Futures May,... 
Caffe* Future* July ... 

Cotton index . 

Dm. Coconut 

Gas Oil Ful. May 

Jute Ll abw c prado . 

Rubber kilo 

Saao Poart ...... 

Snal No. SI — 

Suoar i Raw-* •— 

Tap iocs No.*.: .• 

Tee 'ouelltr'-Wk) 

■.pinin'! kilo — 

Wooifcps. t*4* Warp-. 


-—•I 


(ot 1 £5, 660k , - | 

61.900* ' - ! 

61,450* ! - ; 

-SSOOv 1-20 i 

{ »B0x ; + 20 ; 

IZZ 65GWU I - I 

—■! ssr« ! 

=1 m -t i 

LL.J £1.151.5 —57 

71JE0c 1+0.15 i 

' £500 ! - i 

: *278 1+6.5 

j . case* i i 

...^...1 B5.75p ’+2,75 ) 

i £835* ! . - ' 

......... *640/«ax: - ! 

£148xu -3 I 

£880* i - ■ 

' 39*P Mlo - ‘ 


53a50p 483.15P :397.4pp 
£6082.8 £8985 £6845 

£6142.5 £8132.5 £6945 
5147,64 5134,48 3120.32 
*U«.&,47.5 *128/133 *1091107 
£579.25 .£463.76 £403.5 
£590.25 £469.85 £409 
*876 «9SO *660/900 


• £111.60 £102.60 
£123.5 '£134.50 .£131.50 

; ’ £121.05 £111.70 
£106.5 '£123.45 £110.00 

£4,800 £5,660 [ £6,400 

82,000 *2,000 ' 1*1,900 

*1,475. !*l f 400 

1550 


;*650 
;*7i5 
£406 £430 

*577.5 i*545 


*375 

*516 


•*355 

15676 


1*475 

‘1620 

*485 

)*490 

|*3S8 

*253 


£1,058- ifil-BW -&B6B 
£997.5 miU £948.5 
£1069 tl 353.5 (£1,151 
88.15c 71.200 167,80a 
£690 «40 j£5Q0 

*214 *324 ,*235,25 

*294.75 £269 (£265 

S2. Sp S7.Sp -43p 
£210 £225 [£220 

*730 3640:550 *540 

£190 £177 [C141 

£215 £225 £815 

120p -l85p iH7p 

64 p 8Qp ' SOp 
335p HUo394p kllo373pkUo 


3i«J. (9) (w)' May- 

iuiw. Ap/il-Miy. Muefi-Apnf. * Nommel. i Ghana cocoa. 


IBOr 


£ per lonne 


160K- 



130 


N D J F M A 
1931 1982 


lands’ was 3S.440. up 6.7 per 
cent instead of ihe predicted 
5 per cent 

Traders said yesterday's fail 
was also encouraged by reports 
of Brazilian sellings and offers 
of beans from the Ivory Coast 
and the Cameroon*. Bui the 
basic cause of the depression in 
the market remains chronic 
over-production and declining 
confidence in the International 
Cocoa Organisation's ability to 
set an effective floor level 
because of lack of funds. 

World sugar prices ended at 
the lowest levels since the 
autumn of 1979 with the August 
position on the London futures 
market £4.75 down on the week 
at £148.325 a tonne. Prices 
perked up a little on Wednesday 
encouraged by a surprisingly 
low 500 tonnes export allocation 
at the regular ETC export 
tender. This compared with a 
general weekly level this season 
of 40.000 to 50,000 tonnes. - 

Natural rubber prices strength- 
ened again following the recent 
decline and the RSS No. 1 spot 
position on the London physical 
market finished 2.75p higher at 
55.75p a tonne; only 1.75p below 
the recent six-year high. 

On the London Metal Ex- 
change copper prices moved 
higher in a continued reaction 
to the news that Phelps Dodge 
was shutting down its U.S. 
copper mines for at least six 
weeks, announced just before 
the East ex' break. This triggered 
price rises by ILS. producers 
which, together with political 
tension over the Middle East 
and the Falkland Islands, en- 
couraged the cash LMB quota-' 
tions to gain £825 on the week 
to £867.5 a tonne. 

Dealers pointed out, however, 
that the underlying - market 
situation remained - “ bearish ” 

Other metals remained de- 
pressed. especially lead, which 
ended the week £18 down for 
cash at £319.25 a tonne. -This 
was partly because of a further 
6.625 tonnes rise. in stocks to 
79.550 tonnes;. 

: The fall in tin was cushioned 
by buying believed to be on 
behalf of the International Tin 
Agreement buffer stock but cash 
metal still ended £20 down at 
£7.147.5 a lonne. . 


BASE METALS 

BASE-UETAL PRICES wetc .t on 
Uic Lant’on Mel. : £xsV.ft-:». COPPER, 
linn rn :!ie _• Cn.|or. j 

and ToQuapdic .a Peru.- >u:rimbt3 id 
subsisrti.jl s«-I-ng fram sjurejo 
and aped -,a EST3.5 fc«i;.ie i vx-ii.j 
oi £839. TIN was q-d.ei-'y sieo:ly 
CTZ325 wKi'i ihe narronv nj ol ms 
eoniancc la<iaw-nj rjuud deaijnd ler 
cash left tnrw inrn/hb ZINC 

oi C420.5 a: j/ie close. C jmm ss>o-i 
Hoi-se sol! ng lowered LEAD u Ci3i.“5. 
ALUMINIUM and NICKEL were ImoUy 
C5£1 25 and CHS respectively. 

*-m. -r or p.m." 7~or 
COPPER ' Official ' - — Unofficial — t 


Three months £591.00. 90.00, 91.00. 
Turnover 7.275 tonnes. 


NICKEL a.m. •+ pr p.m. + or 
Official — -Unofflolal — 


Spot 5073 5 -1< ! 5060-5 -2.5 

3 month* 3125-30— 10 31 104 - 10 ^ 


* Cents per pound. ±MJ par kilo, 
t On previous official doss. 

Nickel — Morning: Three months 
£3.133. Afternoon: Three months 
£1.125, 70. 15. 14. 11. Kerb: Three 
months £3.115. Turnover 691 tonnes. 


Month 

Yssi'aay'i -4- or r Business 
dose — ' Done 


, *UJ. 

.1 


per tonne 


1 April 

277.50 

'tf5.M-7l.5B 

May.... 

*78.00 

-0.76 2S2.M-rt.0B 

June 

1 277 J! 5 

— 1.B0 281^0-7/^5 

July 

1 277.75 ■ 

-O.ft 2II3S-7/.76 

August. .._ 

280JJ6 : 

-1.50 205.00 tD.OO 

Sept. 

28a.25 

2B/.26.M./6 

Oct 

2BB.OO 

-2.»2aaj» 

Nov ..... 

1 2&9J26 - 

-2.76 - 

Dec 

292.00 

— 1.&0. - 


AMERICAN MARKETS 

Monday’s closing prices 


Turnover:' 1,820 (2.236) idle of 100 
tonnes. 


£ £ £ ‘ £ SILVER 


GRAINS 


-1.5 


-l.»3 

-2.2# 


Hi»hGr tie 

Cash 868-, 3 +.25 667 8 

3 mths B9t».5-7 895.3-6 

Settlem't 666.3 — 

Cathode# 

Casn.. .. 662.5-3 862 3 

3 month# 691-2 —.25 690-2 
Settiem't 663 ..... 

U3. Prod. — — -7-s 3 

Am.i:'|Jnu:cd Metal TraJ •’ » rep. r.ei 
thj: in :ho morr.nn 
h-.ir.er nr.?de trsJeJ £; j j3, - Sj '10. 
32.53. 95 03. 9102. 97 jC. S7 V. Sc ~-J. 
97 CO. 96.50. CaihcJes. Mi C2CC C j. 
62 5-3. Kerb: Hgher Grace: Three 
month? E237.C9. D7_W Alternoon- 
H-gher Grade, three months E2S6 C2. 
25.50. Kerb: Higher Gr-de. -.tree: 
months E8S5.53. 25.M. =5.53. 56.^'. 
97.00. 98.00. M 50. 99.00. 96 50. Turn- 
over: ,23.575 tonnes. 


a m. +or pjn. - or 
TIN - OfficiaJ - Unorriclal — 


High Qratia £ . £ £ 

Cash 7126-30 +10 7146-50 

3 months 7370-80-524 7389 90 
Settlem't 7130 t 18 . — 

Standard 

Cash 7125-30 -18 7145-50 

3 months 7365-70 - 25 7379-80 
Settlem't. 7130 -10 - 

Straits E. :*29.40 -OJM - 

NewYork — 


£ 

-9.5 

-11 


-17 


5i Tver v.-2s fired 1.£5p en ounce 
hicher ter sp^t delivery in the L-ndan 
but: cn mjrkat yesterday et 4Z7.7p. 
U C. cent epinva ents of ihe flung 
leve’s were: tpet 751.5c, up 3c; three- 
raar.i-a 773.7;. up 2 Ec. si<-monlh 
up 0.4s end 12-momli £53 5c. 
u;i s.%:. .'he m?r;' r>nened »t -122-4 ; 1 p 
ii'4-Tf:) and elated #t 424-42 /p 
(’■JJ'ijlC). 

SILVER Bullion + or, UM.E. or 
par = fripng ; — , p.m. I — 
troy oz. - price ■ ; Unofflo'L 

Spot 427, 70p L- 1.95: 425.5p j-2 

3 months. 441. 30p +1.95 439.,“ 

6 months. 4bb.60p T 2.5S, 

. UmontneiUtS, BOrt +2.5T 

LME— Turnover 126 fMIJ lore of 
•0 000 oz. Mormng: three months 
442 5. 42. C, 42.5. 43.6. 43.8. Kerb: 
Lirviredad. Afternoon: three months 
440. G. 19 5. Kerb: urvtraded. 


35. 5p 2 
59.3Bpp!35 


COCOA 


Tin — Morning: Standard, ossn l7'S?. 
three months C7257. 65. 73, 63. Kerb: 
Stufidard. three months £7370. 73. *?. 
Afternoon: Sicsdarri. three mont'.s 
C737-3. CS. 64. 70. 89. 73. 83. Kerb: 
Standard, cash C7145, ir, ree mon;r.e 
C7375. 63 Turnover: 2243 lonres. 


Futures initially eased on jobber end 
commission house selling and further 
weal aned following e lower USA grind 
figure fur the first quarter of the year 
to trade et 10 month lows. Actuals 
business was scarce, reports Gill end 
Dull us. 


Ves'rdsy's. - or . Busfnes 
COCOA Close ! — Cone 


LEAD 


a.m. t or pan. - or 
Olflciel — Unofficial — t 


£ £ £ £ 

Cash 320.5-1 — .6 31B-.S -AS6 

3 months S34-.5 -.5 332-. 5 -4,5 

Settlem't 32 1 .—.5 ' — .... 

U.S. Spot — -26-30 

Lead— Morn.ng: Tvee monins 

L225.30. it. 03. 33.53. 25 C3. 24.60. 
34C3 Kerb Tmee monihs 5234.C3. 
33.09. 23.63. 33.C3. 32.C0, 23^0. 23.C3. 
Allernoon: Cash £216.53. 18.53. :r-ee 
moniiis 033. CO. 32 50. 32.00. 31.50. 
22.0. 23 09. 22.50. 32.C0. 22 5C. Keib 
Three . man ths E332. 00. 33.10. Turn- 
over: 21 475 tonnes 

aan. +«, p.ia +or 
ZINC Olficial ' — Unofficial — i 


April..'.....:.. 912.37 —15.5 — 

May 946-49 -45.0 971-43 

July 966-86 -86.51006-979 

Sept 1012-14 —31.0 1041-18 

Dae.- 1056-68 -86.5 1062-55 

March 1088-90 —22.0 1105-68 

May 1113-14 -16.5 1124-09 

July . 1129 31 -16.0 1130-26 

Sales: 2,787 (1.932) kits of 100 
tanner. 

1C CO— Daily price fob April 16: 78.48 
(80.72). indicaTDi price lor April IS: 
78 50 ( 78.15). 


Old crape opened higher, new crape 
unchanged. Shipper buyer against 
scale-up country selling of old crop 
wheat provided most of the day's 
activity. New crops found little 
interest. Aclr report*. 

WHEAT BARLEY 

Yesterdya +or Ycst'rd'ys -for 
Mntn close — dose — 


May.. 119.80 +0ja 112.05 +o^e 

July.. 123.45 +OJS: - • ..._ 

Sept. 107,60 — O.lfl 103.66 -0.10 

Nov...' 111.65 ;-D.l& 107.60 — O.}0 

Jan..., 115.50 -0.10 111.66 — OJlfc 

M*r~ 119^5 ~0.SH 115.00 . -0.20 

Bus. ness done— Wheel: May 118.K- 
»*5 t Jkfly-T2rsc;i22.69. Sept lOT.aST 
1C7.60, Nsv 111.70 only, Jen 115 66 
only. Mar 119.35 only. Sales: 266 Iota 
of 100 tonnee: Barley: May 112 20- 
111.95, Sept 103.75-103 80. Nov 107.53- 
10760, Jan 111.50 only. Mar 115.10 
only. Ss(ea: 134 lata '03 unnee. 

LONDON GRAINS— Wheat: U.S. Derfc' 
Narthem Spring Na 1 14 per ceni May 
718.50, Juna 117.75, July 117.50 tran- 
shipment Eaat Coast seHefs. English 
Feed lob Sept 111.03 East Coast. Oct/ 
Dec 115.50 East Coast as Here. MaUs: 
Frenrh aesond halt Apr.l Ud.50 
tranah.pmsnt East Caaat asller. S. 
African White Ya'Jaw May 'June 90.50 
seller. Betiey : Engt««h Feed fob April 
116.03 South Coast. May 177.60 Eaat 
Coast. June 118.2c Eaat Coast saber*. 
Rest unquoted. 


RUBBER 


The London phyeieel market opened 
about unchanged^ attrected littla 
interest through the dey end olcsed 
qu.atty neatly. Lewie anti Feet 
recorded a May fob price for No. 1 71 SS 
In Kuala Lumpur of ' 207.75 (307.5) 
cents B kt and SMR 20 181.0 (tame). 

No. 1 Yast’r'ys Pravfoua 1 Bu Sines* 
HS4. close close Don* 


. NEW YORK, April 15. 

PRECIOUS metals sold oft on a lark 
of fresh news conreriring the sscalannn 
of tensions. Copper vros supported 
by trade buying on reports of further 
mine closure*. Caffes was helped by 
ah&n -covering following recent sharp 
darlines- Sugar was under pressure 
due to a lack of .interest in the cash 
and in response to a lack of further 
Argentinian news. Hasting o>) was 
lower on further profit-taking by com- 
mission houses, reported Herncld. 
„ttCacM— May 1BE2 (1670). July 1E51 
(1673). Sapi 1£94. Dec 1745, March 
17S5. May 1225. July ISIS. Sales: 
1.S72. 

Coffee—” C " Ccntuct: May 136.75 
(131.57.1. July 173.75-134.00 ilT^JOl. 
rent 7wej.im.75. Dec IIB.in. Mstrh 

117.™. Mav lit km jeon. July lurn- 

11f .0. :«pi 114.00-116 50. ••■Ie-: 2.470. 

Ccpper— April T9.40 {£4.401. Mev 
dirges /E9.K). J une 7n 90. July 
71.50-71.95. c apl 73 60. Dec 76 ?0. Jan 
76 25. Mwrh -7B.40. May 20.00. July 
61.fi). Sept 23 30. Dec 86.50. Jen 26.35. 
Salas: 8 OHO. 

Cotton — No. 2: May ea.23-66.35 
(66 W). July 68^0 (68.13). Oct 70.85- 
TO.W. Dsc 72.15-72.20. Msrch 73.95- 
74 01. Me/ 75.05-75.35, July 76 05-76 50, 
Oct 76.05 77.00. Sslea: 3.750. 

— -*G ord— April 2R.T 73S9.7 1 Msy'267.8 
(372 2). June 371 3-172.0. Aug 3S0.B- 

381.0. Oct 389.5. Dec 357.5. Feb 406.4. 
April 415.6. June 4?5.0. Aug 434.6. Oct 
444-4. Dec 454.2. Feb 464.1. 

Orange Juice— May 117.45 (116.70). 
July 130.35-120.45 (119 45). Sept 

122-50. Na* ■ 124:00-134.16.' Jan 125 60- 
125 80. March 127.15-127 J5. May 
13.65-139.00.- July 130.K-12D.50, Sept 
131 B-132.00. Seles: 1.000. 

*Matimtm— April 354.9 (364.01, July 
361.5-362.3 (368. 4). Oct 370.1. Jan 

282.4, April 394 7. 

PetalMe (round whites)— Nov 78.5 
(7$.2). Fab 89.0 (88.4). Msrch 90.9. 
April 102.5-102.9. Sales: 151. 

TSiiver — Nov 1340.0-1845.0 (1S64.0). 
Dec 1150.1-1657.0 (1 875.0). Jan 1877.5. 
March 1930.0-1935.0. May 1983.0. July 

2036.0. Sspt 2089.0, Dsc 2169.0, Jan 
2195 5, March 2249.5. May 3303.5. July 
2357.5. Sept 2411 .5. Sales:. 4JD00. 
Handy and Hannan bullion spot: 756.50 
(759.00). 

Sugar — No. 11: May 10.21-10.24 


(10 31). July 10 43-10.45 (10?57). Si 
10.74. Oct 10.93-10.94, Jan IT.: 
March 11.78-11.82. May 12.00-12.C 
July 12.20. Solas: 9.010. 

Tin— 583.00-586.00 (same). 

CHICAGO. April 15. 
.Chicago Imm Gold— June 371.8-37: 
(376.0). 5e pi 384.8-384.9 (388.8) D 
397.4, March 410.4. June 423.7, * Se 
437.3. 

Lard — Chicago loose 20.50 (20.25) 
Live Cattle — April 71.50-71., 

(71.67), June 67.15-67 25 (07 90), A 
63.20-63.2C. Oct G1.90-61 80. D 
62.50-62.55, rob 62.60, April 62 85. 

Live Hogs— April 52 97 -53. DO (S3 35 
June 56 £5-56.75 (57.20J. July 57.4 
S7.E0, Aug 56.70-6 75. Oct 54 75. Di 
55.40. Feb 53 15, June 51.50. 

Maize— May 230-279% (2S0). Ji 
290-2901, (290', I, iem 292';. Dec 39T 
2P7i ; . March ?I0 *j. May 318. 

Pork Bellies— M.’“ 77.40-77. 

r79 05). July 7C 30-76 75 (78 47). A ( 
73.95-72 W. Fish TO. OS 70 K). Mur, 
71.15, M’y 71 65. Julv 72.65 
t Soya beans— Mi y 643»?-650 (65i 5 , 
July G59-GG1 (Effl). Aug 663. Sept 66 
Nov 6C9-C69, Jin 681, March 695. M, 
706. July 716. 

"Soyabean Meal— M.iy 188.5-18? 
(189 6). July 191.2.1915 (192.3). Ai 
192.00-192.3. Sept 134 0-194.S. 0 

194 5-195.0. Dec 196.5-197.0. Jan 108. 
198.7. March 2W.B-205.0, May 206. 
207 0. 

Soyabean Oil— May 19.57-19.! 
(19.66), July 20.15-20 iB (20.24). Ai 
20.45-20.43. Sept 20.75. Ocr 20.85. D? 
21.15-21.25, Jan 21.35. March 2f.7l 
21 

t Wheat — May 379-378', (3721,1. Ju 
387-326', (MU!. Sept S99 , .~400» i De 
417-41T-,. March 432. May 437. 

WINNIPEG, Anr.l 15. 
SBariey— May 125.00 (124 80), Jul 
129 00 (136 90), Oct 129.10. Dec 130.2( 
March 131.50. 

iwiwat— SCVfflS 13.5 per cent prt 
te'm content cif St. Lawrence 224.7 
(224.84). 

All cents per pound ex-warehoua 
unless etheru/l-.e stated. * S per iro 
ounce. 4 Cents per fray ounce 
« Cento par ES-lb huchel. t Cen: 
per eo-lb bushel. H 5 per short tn 
■i POO lb). S *Can. per mi*iric tor 
§8 5 per 1.000 sq ft. t Cents po 
dozen, tt S per metric ton. 


COFFEE 


£ £ Ji , £ 

Cub 419-20 +*J5 - 41S-.5 +7J5 

3 months 419.5-20 +SJ9 419-JS -5J 

S'ment... 420 +S - — 

PrimurTs — . — *36 ..... 

Zmc— Mommg: Cash C416.00. 19.C0. 
three months £416.00, 17.00. 17.50. 
1B.00, 19-OC. 18J». 30. Kerb: Three 
mon:hs £418.00. Afternoon: Cash 
£418 00. three mouths £417.09. 18.00, 
19 00. 200P. 19 50. -IftOQ. 19.50/ Kolb. 
Three months £420, 2.5. Turnover 
9,725 :nnno3. . 


Aiuminm ®.m. >4*or p.m. ,+ or 

Official — Uncffldal — t 

K~ £ £ £ 

Spot 1 571-2 -IJ5 568-9 —4 

3 months -2 • 5901 -4J5 


Alunjmtum— Momntg: Three months 
£5945, 94.00. 9350. 9300. 83 50. 

Kerb: Three month*. £593.00. After- 
noon: Three months £533 90- 33 50. 
33.00, 32.00. 92.00, SljO. 3100. Kerb: 


S.'iuri-covering ahead of the week- 
end fuelled a steady opening in qu,at 
conditions, reports Dnrrel Burnham 
Lambert. Switch trading was the 
main feature while persistant commit- 
s/01, hciite sailing gradual)/ prevailed 
over trade buying. 

• Yesterday's * 

COFFEE • Glow '+ or Busln«u 

'■> — 1 Done 

£ per ton ne! j 

May 12 18-80 -BSJ3 1252-18 

July ... 4161-59 —22.01181-50 

Sept. 1122-25 24,0 116021 

Nov 1116-18 -19.01140-18 

January ! 1110 IB |-21.0 1135-14 

March - .... 110Op?_ -.31,5 1120 

May 1097-00 .—56 J; ___— 

Sales: 3.407 (2.253) lots of 5 tonnes. 

ICO Indicator prices Tor April 15: 
(U.S.' cents per pound); Comp, deify 
1979 124 17 (123.90): 15-day average 
122. SI (122.86). 

GAS OIL FUTURES 

Prices were steadier in littfeu 
trading to reflect -a firmer physical 
market. Rumours tram the .FalkMnds 
end soma profit-taking pushed the 
market down and the move wag con- 
tinued nn the New York opening. 

P.nm.ar Uan 


May 

June-... 
Jiy-Sept 
Oct-Deo 
J On -Mar 
Apl-Jn*; 
Jly-Sept 
Oct-Dec 
J’n-Moh 


M.B9W.W 

S/.lti-HM 

SS.S6-U.40 

S3.S0-M.40 

8B.S8-fiO.70 

U.B0-M.U1 

64.40-oS.M 

M.M-85.00 

Ib^O-M.60. 


W.BQM.IO 
tfi.f0-b7.U 
&M0.5I.M. 
L9.S0-5S jfl 
eo.40-u.so 

fil.W-fiX.IIO. 

&S.M-64.40 

B4.a8-esjw, 

K.fiO-fifi.M 


u.n 

bl.00-C7.70 
59.1B-E7.fi8 
fiSJ»M.70 
t i.weu.ji- 
u.fo euo 
84.50 - 
55.70 Bf.aO 
i/.u bfi.bg 


Sales: -\33B (S9S) lots of 15 tunnea. 
85 (7) lata of-5 tonnes. 

Physical cloaing prices (buyere) 
were: Spot 5&.7ap - (65-COpj: - May 
52.00P (63 .top); June 53.7&P (MAH). 


INDICES 

FINANCrAL TIMES 

April 1SIAprill4. Month agoYear aoo 
£43.34 245.30 S44.45 ^!61J?2~ 

(Bees: July 1. 19S2-1G0). 

MOODY’S 

April l&April lahtonth ago, Year aoo 
1000.9 1002.9 ” 991^" )112 1 2_ 

” (December 31. 1831-100) 


DOW JONES 

Dow ' April ! April Month. Year 
Jones 15 14 ago / ago 


Soot 127-59 128.17 124,02408.1: 
Futr’s 132.36 132.72 128.39418.13 

(Base: December 31 1974 = 100) 

REUTERS 

April 16 April ~15 M'nth ago YtArago 
161 6.3 ' 161 4.8 lSS Sj 1699.5 
(Bue: September 18. 1331 -)00) 


SOYABEAN MEAL . SUGAR 


The market opened with sm»lf loeeas 
in quiet conditions, reports T. -6. 
Roddick. Prices continued under 
pressure from tommi*iisn house 
■eliing. 


Ysstardyi + or 
i Close . — ■ 


■uiiltoss 

Den*. 


LONDON -DAILY ■ PRICE— Raw sugar 
£142.00 -(asme)_a tonne elf April-Mey- 
Ji/ns ahipmani. ' While augar doily 
price £163.00 (£164.(30). 

He. 4 Yesterday Previous ; Buslnsss 
Can- , efass ; doss dons 
tract ■ I i 


;per tonne 1 


April—..-.... 1 159 ja.*5.n -D Jh. 

June. : 135,60-15 J- 1.06 

August. 135. 70- S 8.0 - 0.95 
Ucsteber — lUM ilS -O.ao 

Dee. n ! lS0JO-4fi.fi -0.54 

Feb: — MI.BO-42.5— OJO 
April > ItUMM —0.56 


£ per tonne 

May 1144^6-44.46 14 1^5-48 Jfl 145.75-45.70 

Aug..:.; 144.iO-M.Si 1WJM-M.ee 1B3J6 

Oei I§4 jS-Si.Sfi 167^0-B7.fiD 1UJM-U.IM 

Jan IS7.06-S7Ae' 1 M.U4 1,7fi : 1 66 J6 -ELM 

March nBJ64SjB.lB7JM7ji JB7.7M5JfS 
M*y....<UB.7B-l7Mai70.JS-7148 4E6 
Site; 314 (297) tots at 10 tonnes. Ayi^JIUHUa l74.M-74.75.injW . . 


142JUL 

1SB.W-»;W 

148.4B-SB.lfi 

lS7i4f-37.M 

lM^S 

14UMLN 


In spite of good damend for physr 
raw sugar for world tiastinetions 
overnight weaker Tone continued 
all posiuons to traoe at new lite- 
• contract lows. Rumours of tha vui 
drav/sl of Arganiine troops Horn 1 
Falkland Islands and the subssqut 
improvement in sterling might ho 
Bided the weaker sentiment, repo 
C. Ccuroifcow. 

Je/es: 3.772 (3.374) lot* of 30 term, 
Tsm grid Lyle delivery prwe 
gran mated bas.e wh,;« sugar w 
£374.00 (tsmef e lonne fob for hoi 
inde and EIO.CO (same) for expo 
intemetionsl Sugar Agreement (U 
cents per pound) fob end new 
Caribbean pons. Puces for ApM 1 
Daily prta 10.M (same); 15-d 
average 10.45 (10.92). 




1> 

IE 

E>- 


A: 


26 


BANKS. DISCOUNT (418) 

Alexanders Discount *£.1) 20 Z 7 

Bank Nnleriand (fl 100) SI 't 

Allied Irish Banks (i£O.Z5j ISC.9J a 77. 

lOpeLn 1985 90 (1 314) 

Annexe her (Hanrv) nidus (Sot 1 1 -U. New 
«P> (FpiPAL-ZB- 5 82) 12 U (14141. New 
<501 <NH Pd-27'«4.vazj IS; -'j 2 u 
Australia New 2eai Bonk (Stood CAS: 3 
IIS 6 50 

Ireland (Governor and Co on 
Oil) l£2is pIOO 
Sank oi. Montreal (CSZ) »:nB -'<© 

Bank .of New South Wales (All ) (Lon. 


inBton Motor Hides- 62 
nstrong Eaulsmoitt PIC (10M 23 j 
aw Choim, MIBbs.SI 


23*4* 


Reg J 165 

Bank of Scotland (An 335 a 40 □ 
Barclays Bank (£ 1 . 427 3: 8 40 3 
Brown SMPiev KWoa (£1) 227 
Canadian imperial Bank of Commerce 
(C32) IlSae 

Cater Allen Hues (£11 300 
Charterhouse Group 76 9 So 
Clive Discount Hldgs (20sl 29 E 
Commerzbank An DM SO (Cpn. 41} 36.2 
P3 4i. Cdbr Cite. Warbvrs) CM 10 7 15 
(13 4) 

Deutsche Bank AG DM50 (Con. 37 1 67 U 
( 1-314) 

Gcrrard Natural 2So 
Gillen Bros. Discount <cl» 135 ru>4) 
Grind lays Hides. 162 3 5 
Guinness Peat Group 68 9 70 1 2 
Ham bras (Spi 127 8 30 
Hill Samuel Group 154 
Horn Kong Shanghai Bkg. Cpn, (SH2.SO) 
135 44 S 6 7 ;} 

Jcssct Toynbee 59 
XI no Shaxson r20n) 76 
Klclnwort Bertaon Lonsdale 23* 6 40 
Lloyds Sank (£1) 407 6 10 : 10 2 3 5 
6 :. TtcocCnv^ubcrdUnsJLn. 19B4 116 Cj 
7 8 

Mereurv Securities 215 
MW land Bank (£11 303 S 7 8 9 10 
It 2 . 7-l:(KCn*-SubOTd.Uns Ln. 19B3-93 
65 >2 6 >; 

Minster Assets W* 70 V It 2s 
National Bank of AustrauKa (ASH 147 

National Westminster Bank (£1) 403 a 5 
6 7 B 10 5 

Ottoman Bank fBr ) (£20 with £19 Pdl 
ICon. 109) 584 £50 (14(4) 

Rea Bras. 85 (14141 
Royal Bank 0 ! Canada (CS1) ION 
Royal Bank of Scotland 99 IOO 1 2 3 BJ 
Schraders (£ 1 1 420 S 
5m it I'. SL Aubvn (Hldgs .1 34 6 7 
Standard Chartered Bank C£1i 636 9 

40 3 3 

Toronto-Dominien Bank (£.11) 13U <B,4J 
Union Discount Co. of London Ifill 415 20 
Wlntrust rzoo) >74 (1314) 


Arlington 
Armsn 

Ash anc LatS 29S*"30D IIWI 
Ashley Industrial Tsl 15 (14 -• 
Assess. Book Publishers l£ 0 p> 41 1 Z2 
ASKM. British Eng. Cto-tPl 27 -s (f;« 
Associated British Foods (5pJ 124 .6 7 . 
Aksoclatud Communications Coro A 99 
100 1 

Associated Dairies Gn 122 3 4 5 6 
Associated fisherKS.,67 B 9 


Associated Letturo (5piJM 5£ 

Associated Newspapers Grp 206 10 - 3 , -4 
Associated Paper ted M- • • 

Associated Snrayors tioai 2*0 -. 

Astbury A Madder (HIBgs> (20oi 90S SS 

Astra Ind Grn C'.CP' 12 >4 

Atfcirrc Bras iHosIcm 71 

AttwOOdS 78. New (FDJ4RC-71SI 76. 9 

AudW* 1 Fidel I tv (top* 19 CldiAf • 
Audiotronkr Hldns (IOPI-* « (J-f-* 1 
Ault A Wiborg Grp 3D 1 2 .XI 4:4 1 • . , 

Aurora ttWss 12 4 ; - 5 „|« ft" ft"- 

Rd Prt (£1 > 31 (141*.. a.25oe Cnv Cm 

JSJVVtfL (1 OBi sip ■'* 

Automated SecHIdBS ( 1 0»' SOB IZ.-.fipc 
Cn* Uns Ln 90, '95 1 B 2 fl4.'*> 

Automotive PdB S3 4 
A ran u Grp <Spt 250 2 
Aran Rubber C£li 970 
B.A.T. Ind 395 6 7 6 9 4001 *00 1 2 3 
5 7 

6BA Go 32 * 

DICC (SOpi 310 1 2 3 5 7 8 20 „ 

BL i'50d) 15 6 7. 7Upc Ln 82/07 54 1 ; .5 
BOC Grn J60 .12 34. BpcCn 20O1iQ6 

BPB S jrdmirle» I "PLC I50p' 400 2 4 6 8 

B.S.G. I noil PLC ( IOpi l-Zte 3 

BSR PLC PlOW 69 9 

BTR 33Zi 2 3 4 S 6 7! 7 

Babcock Itstnl. 1092 9 10 

Bailey 1C. H.i (10p, 6 (14.4i 

Baird (William) PLC (£li 208 10 

Baker liwral. Cora. '511 £1Vi (14/41 

Baker Perkins Hidgs. PLC CSOp'i 100 

Bakers Household Stores (Leeds; (IOpj 

Btmbura Stores PLC (IOpi 34 S 6 
Bai-dwy PLC (IOpi 16. 7pcCnv.Prf. (£1) 
5S 

, Barge: 140 

! Barker Dobson Grp &i s G U -:, 

Barlow Rand (RO.IOi 395 
Barlows PLC (£H 130 5 M*-4> 

I Birr (A. G.‘ 225 

Barr and Wallace Arnold Tst. A (Non-V) 
*8 

I Bar rail Developments (top* 260 12 3a 
1 5 6 

Barrow Hepburn Gra. 34 5 
Barton Grp. 29’i SO 1 
Basset: (Gr-a.i Hldns. 64 
Bath Portland Gro 75 6t 


Scales <Jonm Asscd. Cot. <20e! 440 
Bcaison ClarS 203 4 5 6 
Beattie 'James' A Rst.V.i 170 
5-saui-prd Grp. 1 too, 34 


BREWERIES (245) 

Allied- Lyons 7J'i 80:: 1 *; 2: 2 =: 3: 3 j loi- !o 

Amalgam ated Distilled Pfoducts UOol 81. : S;! 1 ” # t £!.« e i«Lhr r« ca£ 

SocLn. 163 
BaiS 213 4 5 6 7 B 

Bclhavon Brewery Gro. 15 7 
Bell (Anhun ana Sons (S(’r;> 181 2 3. 

gi.-pcLn. 147 (13j4> 

Sodding tons Breweries 139 4D 1 
Barber Breweries C Wrexham' 80 (13 4; 

Brown (Matthew) VSb 9 f14.4» 

Buckley s 44 

Bulmcr <H. P > Hldgt- 395 8 90 (14.4) 

Burton (F ersha ws 1.407 .12 4 


<34 


Beazcr ’ ”fcT‘ Tl.i 'cHldg».l (JO* 1 a , , 1 36 1 2 s j 


llark 1 Matthew] Sons rHIdos-i 


04 4) 

Dn mi port’s (Hldas. 1 1S9 
Deremin O. A.I 575 n£4' 

Distillers tSOol 170 I 2 l; 3 4 
Greenall Whitley 1436 7 8 to 
Greene King Sons 293 
Guinness (Arthurs Sons 76:- 7 a B 
Hard vs Hansons 364 
Highland D>utl. i70d) 79-i 


New' Orf iob (Nil DO. 21 AB2 

Beckman <A.i flOm 80 14 4' 
Beccham Grp- 222 3 * a 6 Li-a- 1 
I Beecnwcea Ccnirruction .mog-.< 

146 6 52 I Bciam Gro. PLC, (IOdi 1 14 5 7 _ 


Brocklioun S3 =» 414 ... __ .. _ _ __ 

Broken HiU prooy. (SA2J *88 60 4 5 8 70 


Bronx Eng. Hldos. nOot 21* , ■ „ . 
Brook street Burovs of Mayfair Ado* 24 


Brooke Bond 51 2 is 3 

~ • too. ir 


Brawn and Jackson , 

Brown and.Tawse 142 6 
Brown Bmrl Kant 17t 
Brown uonn'i 54 5__ . _ 

Brawn <NJ Invesi. (VW 100 1 


Brownlee 62 (13/4) 
Eh'nirtonl fMuiidr 


burgh) 122 3 

flrvant HMgs. '94 5 is 6 Jj '7. 

Bulgln fA. F.) A NOn-V (Srt 19i 
Buiiough i20p) 176 S13lS> . 

B ulmer and Lumb (Htdn4 (?<W 43 4 
• tl 3/4> _ 

Bunal.,171 • 

Bu n» Dean 34 (13/41 
Burgess Products (Hldga.) 54. A N*n-V 
45 IBI4) 

Burn dene Invest. ilSol 7 <14(4’ 

Burnett and HalUimhlre 680 90 700 10 
20 

Burns- Anderson n Op) 25 «s- lIPCPMy. 
Gtd.Ln. 85 i8f4i 

Burton Group >50pl 174 5 6. Wts. sob. 
Old 75 

Buttcrddd-Harvey 1*/j 5 /1 *j4> 

C— D 

CH Industrials (lOol 18 9 (13 4) 

Cable A Wireless CSOpJ 23S 6 7 81 8 B 
40 1 2: 2 3 4 , _ _ 

Cadbury Schwcooes 961a 1 * 7 'a ■ ■ 
Cftfym tSOpi 120 Ilf*?, _ Kg, 

Caledonian Associated Cl ncnw 840* S« 
Cambridge Electronic JMlutfria 126 7 8 
Cam lord Ennlneering 12*2 (IMI 


Stock Exchange 
dealings 


i nhn&s 


[ Lb* inH 2»- 

(tOp) 4T* «* . 


Th. 1 « below. Si ! KjSn&i’Af 

wdtfi oansnrt from Isst Thursapy ,i«h oricas at whtch huBtnaiB ■ tliiSl _ _ . . 


5hp_ 

Effi‘iiSS2lL , M nr. n> > i k 


I 02)39) 50 (T«14) 


jeO ents an ISO 3 


“ ^ “sSSsrastSl ; ttnaiA^ 

... .. i— — .» tw 3JU BW w r o«s*»"Sl OCp) 43 ( 14 / 4 ) 


shouW not be w IK ) pn» 

i attaasSsre* w. m -w 1 

i The prices era not in (jcaiino prices. : Reekitt and Cotfean274 G B 

denotes the day's ^^ 3 '~J C n ’ 0 bu , 1fl eas was recorded in Thursdays I 


Financial Timea Saturday April 
SB? Cifi V tMJPirm «• { 

iSior.Kea Trmz£ 


wSmaldv WjIIw *** Amnm o a - j £2 ^ ’AM “5^*1 4 T T 


For those — - . K 

Official List, the letert ^ nwnb#r ^ bargain* don* i Redman HMi^jTintenCrttoMi mobi 47 8 

with relevant reaoective sub-headnui*. « ««! lAwini Gratp 87. "A” 78 BO 


"■m**** Merton Is shown oBatet the respective sub-he*d«9*. gjg affle (iOpitt 30 

on Thuradoy indicated the shares are ZSp fuHy-pai d. . _ ! Rera international (£11 285 6 8 70 

Unions Btharvn&o rncica a aargaira done with a nan-incoibtr or omw *n ; Reliance Knitwear Grout Uthrt 25 (1S*> 
1 Bargains at day. iA— »— MafmnMn: Rctyon P.B.WJ. 100 


• uenc orcvious HI- TO— KHTOn r.OiTTJ. ■ 

nvereeas market;. ]0 Kong. jJ — 4 Jamaican: S Ma — SMaUyau: 3Me— IMaOLaB: j Renokf _(£l ) 39 hi 




SUr:icd staaes: SWI— SWest Indian. 


gs.snry’'« i S».i 


11 (2.4) 


Campari hit nY ']{2po7 ^ 1 3/ *i 


Camra iHIOOsP *3 6 6 . 
canning (W.) 58 9 i!3.4) 
Capora 25 , 


Capper -Neill (IOpi 51 
Caoieeta iBo) 47 


Dcv*hurst & Partner A non-«B. 

Dowhursi Dent (2Dp) 7 a <14.4a 
□inkic Hw' *5*1 _ 7 -* 

SScms" Phomrartw ifOBJ JB* 

Dhror-Swnd , = >el 2 , 2 .. 

Dobton Park Mduwrfes »10n) 83 . 4-s 
Dorn Hides. Cl Op) 68 (B-4) 

Douglas ’Robert M;) S-0 70 
Downs SurMJl Ctopl 
Dowry Group 'Soot 


Inaad industries itsa) 44 (1*4) 

• irnram (Haroigi ugg> 19 ri4i'4) 

1 nC.il 265 4 5 6 

Inicr-Citv Inv. Grp. (too) 46 *: 7 82 

3 ;t !» 9 SOt SO 

■ntnl. Paint 222 

lnl.il. Stand. Clear. Core. S&cln. 58 
(6-4) 

Intnl. Tel. and Td. Cora. (51 » 14U CI4MJ 
Jntnl. Thom wn Oran. 268 72 
irtni. Timber 76 

laic of Man Enterprises <2 Op) 43 (13.’41 


| Rereokil Group, (10 b) 144 
Rcnwlck Group 84 5. 10pc Cnv Rfd Frt 
(£11 2SS 8 114-4) 


117 B 9 20 


gSSfe '.^if/^lOPCPf 75 ! SS^"lteSn«? 9 ^«W i Ste»M 

(14 4) 


Caries)' C4pel A Leonard (top) *64 5 6 7 j Qubiller {5 pJ 66 9 7D I 
8 9 70: 2 : 1 Ductile Steels 1112 

Carpets Intnl. I50PI 19 '; 20 1 ftnnt 4 


Ben Canada S’SO _ 

1 BeUalr Cosmetle* DOpI 7 
, Bellway 95 

: fSSS^SSS^&^r. «10P) 65 

; Benin* Hloos MOP) -« 

■ tSSJ$F*SS£ ■Hfow) «« Ln 59 


^IrPs" Mllllra Industrie* 73 «» 

Iss-^tesw.’-a awe. 
gsa a w »* 

Cdesflon Inds. (20o) 13 

g2S0!S2aiSSe J Hl&J;«rii8l 51 

central Shecrwood <Sp) H 
Cemrcway Indus!*. (50p) 1*2 113 4) 
Chamberlain Pnipps i'IOdJ 47 
ChamOCTi Fargus >5n) -2* 

Change Wares PLC i20n) 20,11*41 
Channel Tunnel invests. (5 b) 88 90 5 
Chan men I adust 5. iSOp) 166 (8 4) 
Chlcride Groun 24 5 6 
Chrljl le-Tvter ilOp) 28 (1*41 
, Christies Intnl i|0d) 123 E 
(10p< I Chrvsler Cpn. (56.25) 280 ri*4) 

I Chubb Son 1 2 Op) 112 3 4 5<:± 6 7: 
Clarke 'Clement) 133 5 (14 41 
Clark f* <T .1 HOP) 23 '8 4) 

Clav risicnard) 79 B1 


Dufay B'tumasnc (I0n> 41 
Duncienlan <20 d) 61 2 3. 

14D 

Duniiilf Hldgs (JOpi 24S (J3«) 


IHiPcPf t£1) 


Dunlop Hldgs (50s) 69 70 '-i 
Duple International 45 6 
Ouport (Sd) 91: ID A 

Dvson (J. and J.) Non-V A 


E— F 


EIS Group 1*5 6 

Earty's^of^ wTtnev CICol 29 
East Lancashire .Paper si 
East Midland Allied Press 95 (8/4L 
■ Llm-Vl 92 3 (14-4J 
Eastern Produce (Hfdgs* (50p> 82 

(14.4) 

Edbro (Hldos) 103 5 
Elbor Industrial (50 o) 90 04.45 
Eibier noni 17: : 8 
Eleco Hldgs ’10 p) 70 
Eleetrocomsoncnts (iCc) 141 X 3 
Electronic Machine 27’:t 
Electronic Rentals 82 3 8 
El licit !B.1 B2 4 
Elliott (E ’ 18 

Ellis a-d Evcrard 133 _(1 j 31 

iso) .2 ■: 


J-B : Hldgs- (10 p)_ 146 50 2 4 6 8 9 60 


Uduao a. and H. B 1 (5n> 5 2 
Jacksons Bourne End 145 9i 


. _ _ . _4 50t 

James (Maurice) industries <>0pi 24- rt 5 
jarwonc Choc dates rropj 55 (SJ4) 
Jams (J.) and 50ns 280 3 6 


Jesvoni En g ineen na 54 
3en‘ - “ • 


81 W4) 
UUlii 


Jenks and Canelt 39 (Bid) 

Jerome (5.1 and Soot Oil* 

Johnson and firth Brawn 12 
Johnson Gn>. Cleaners 196 9 
Johnson. Matthcr (£ 1 ) 245 7 8 50 2 
Jones and Shipman 39 (131*) 

Jones (Edward) Grp- (1 Oo) 15 6 
Jones (Ernest) ( Je wel tax) (IOpi 8B 
Jcnet. Stroud ( Kitten. j 97 

Kalud iKnsh S) 55 
Kalamazoo DO 01 *7 
Keen and Scott 35 
Kenning Motor Grjx 61 :j 
Kent (U.P.) (lOpj S* 

J Kitchen (Robert) Taylor (IBM 100 12 5 
A Kode Intnl. 240 50 
. 1 Kursaal (Mt£D.25l 100 f14J*J 
4 Kwik.Pi, (Tyres and Exhaust*! Hkfss. nOuB 
[ *7 O 

! Kwik Sira Discount Groun (tOo) 242: 2 


Hlgsons 72 
Holt U( 


I ,Bi4i 


osepft) 560 B njui 


(nverawdon (Hides. ■ ’•SS 
" crionald.. Martin I50p| 337 CUH 


Macdonald 

Manseld (£1) 335 
Marston Thompson Evcrshed 71 
Scottish and Newsca&tlc Brews. S2 ■; 3 h 

South African Br e werie s (RO.ZQ) 195. 
Tomatin DistiHen 42 
Vagx Brewenes 126 8 9 
Whitbread and Co. A 95 6 8 9 :. B 103 
fB/*l 

Wn Kb read Invest. Co. 100 m *,’41 


Ben:aib MOp) SB (i*'* - ' 30 

Bcrisford , 5 . an? «■> 128 9 * a * * 

Berwuek Tim bo 27 
Bestobcii j*# 



4(4} 


DCJIMW'I _ -a 

**** B fg iff % imn .50) 14 1-1314) 


BiUby iJ-) ^SOP) 50 
Eihirutee Engineering 310 
Blliain (JL) .IOpi 91 tJ4f*l 
Blmud Qualeast ZB 1 : 9 Jj J?. 
Sa M G(«« ’2» “i14}2». A N.V 94 

. ££suffBer'ip &' 8 

i i «. 2 % s. 

9k Ln 65 


COMMERCIAL (5,401) 
A— B 


AAA Industries 32 
AAH Hldgs 76 
AB Electronic* 130 


AE 48 1- 9 1: 

~ Reseach (IOpi 258 S 61 


I gM4S^«JM 4J S« 446 8 SO 

I eiuuirt Confectionery Hldns 57 (i*/4J 

; 

■ BOdvCOlO lT,l I nl k ? 1 “r, ,cH-k ■»£ 5 
• Bo/ton Textrle M{ 1 'fP' 

. i“SkMK lISFiU’izV. 


AGB _. 

ai Industrial Products iOij i1*'4i 
AIM Group New Ord HOD) 143 * 6 
A.P.V. Hldgs. (50a) 260 2 (14(4). IOVpc 
C nvLnSttk 97/2002 17S (1*4) 

Aaranun Bros tlOo) 29 30 1 , 

Abbey Ld (lr£0.25i IL0.41 (1*4) I K u |ion (Willlaml hI 

Abercom Group (RDJOi 113 22 |I3i4) aowater r£H 231 2 4 5. Ni 

Aberdeen Construction Group 218 114 4i ' B ri4 ai TocLn. 100 11*4) 
Abcrthaw and Brlst Chaim Port! Ccm 325 1 Bowlharar MOD) 222 
rid-4l ; grab* Leslie CldP) 57 8 H 

A b wood Machine Tools r7.Sp) IT (1X41 , Industrie* A 50 H4 4i 

Acrow 70 (144). Non-V A 40 1. a pc i gSKfn M,IU» «0 b) 26 


Coi- Group 61 
Collins (Williams) 238. A (Non-Vts.) 

179<:t 80: 114 4) 

Comben Group nopi 46 7 
Combined English Stores Group (IZ'.-p) 
J5 3 7 

Combined Technologies Cl Op) 15 -j 6 i iai 
Comet Go. (So) 1112 
Comfort Hotels Intnl. IlOp) 16 fa 
Computer Systems Eng. *20M 230 2 
Concentric riOpi *5 (14/4) 

Concord RotJfloi <TK>P) *4 

Cond-r Intnf. 67 (13.143 

Continuous Stationery MOn) 26 M4.4) 

Cook iW.i <5nefheldi a Op) I3ij 4ii 

Coper. Indus ts. ilOp) 9K TOW 

Cope AUmin Intnl. CSP) 36(j 7 >i Vi 

Ccpvdex (IOpi 40 1 

Ccrah 4* >: 5 (14,4> 

Cornell Dresses <5o> 1687 b 702 
Cory CH.) (5t0 17 (14)*> 

Craalt XT's 

Contain Ga. Z40 2 4 6. DFd. 233 4 
i Countryside Prone. V23ia 
! Courts aids B2 Is 3 ! S I 


Emrav '5oi 12 
Energy Services ClOp) 27 i? 

England CJ. E.i Sons l5o> 29 30 (1*/4) 
English China Clays 144 6 
Epicure (Sp) 31 (14-41 
Errth 76 

Esperanza <12ijPl ISO C14T*> ..... 
European Ferries 71 h ZJ s. J i 

4 (: S i : : »: * I* 7 
Eurotherm (IOpi 358 63 
Evered 20 i*i*t It fi-3’4> 

Erode HkHn. (20ol 93 * ..... 

Ewalibor Jewellery rspi 6': (14/4) 

Execute* Clothes <3. 0®i 1 1 CS 4> 

Expanded Metal 64 5 
ExtrH 272 


Booth Jnhh) .BO-tOn) 32 M l, » 


<14141 


Ccurtney Pooc fHIdgjs.) r2Dp) 43 


Count iFurnishersi 

Groat *1 OP) 


l,Fl 

| Cowan de 


'Vftg A 72 (14:4s 
34 5 Cl 3(4) 


ifHapcPf. 


New f£1l 227 


PUy CnvLnStck 92.2002 52 (14.4) 


Adams aij.d Gibbon 68 


Advance Services (IQol 59 (14:4) 

Adwest Group 176 BO 2 3. 10 ': pc Cnv 
LnStck 95 2000 210 t1*4! 

Aeronautical and Gen InRramts 170 5 
Airflow Streamlines 20 <14 4i 
Albion ( 20 pi 12 iS'Ai . . 

Ahwanders Hldgs. (top) CI4MI 
Allebone Sons (lOnl 2 S-: «Bl*> ..... 

Allen (W. G.) Sons (T'ptani 06 9 <1A4) 
Allied Colloids Gro. (too) 184 
Allied Plant Gru. IlOp) 9 KT< 

Allied RMidentlal PLC (10p) IS 


Allied Textile Cos. 191 2 
Alpine Hldgs. C5p) 56 . ... 
AhHnc 50ft Drinks MOpi 66 (13(4) 


Amalg- 5 v2etai"Cnn.’ Ttl ) 357 (1314) 
Amber Day Hldgs. tJOP) 11 : ! 

American Tel. ^ and Tel. 32 !« (13/41 


Am enh am Intnl. 


Amstrsd Consumer Electron 
i Strathclyde 100 i; 


Braid Group (Sol *0 
Braime iT. F. J. HJ 46 OT4] 
Bralthwsltc Engs. <£1* 125 (14,4) 
Bra-nall *C. D.) I 10 1 
0 rammer (H.i GIOp) 130 

Brcedon ^loud Hill Um* 1*4 
Brcmner 43 r|4 41 

i^?^Tem« MOP’ 'JV. Z# 

Brent Walker Ctw S3: a * 5 
Bnekhouse DudlW (tool .45 6 
Bridgend Processes espi S 
Bndon 63 9 .. . 

Bridsorr-Gundnf _Q0Pl 32 
Bristol Ewcnmg PMl . 216 «.*l . _ 

British Aero so ace (30 p) ISO 1 2 3 *- 4 5 
British Aluminium iSOpl 53 60 (13*1 
British Bento! Carbonising MOal 1^ . 

British Car Auction FICd) BSjj 6 -c 


B9 SO: M hi 1 2 3 British Dredging 32 (14 4 1. 

onlcs 230 (14 41 1 fB4> _ _ _ . 

I British Electric Traction Dfd. 1-70 1 2 3 4 
British Hama Stores isi 2 3 4. 


Aiiifia'tei. Grp'." "A tofi (I3(4i 
Anglo American Industrial Cpn. Osins. SO 

A ( »rd Gro of Cos. 46 
Applied Computer Tactialoues 
(too) 192 , 

Aquascvtum Gro. A 
Artolectrlc iHWgx.) . 

Aren son Gro. PLC flop) 

Argyll Foods rtOo' 95 6: 8 


(Hldgs.) 


A°\s£> to * (814) 
Op) 23_ 6 


114 >1 

Mohair Solnnerg 50'a 


Sntlsh — -— - , 

British Prmtiir o2 7': o': S'? ... 

British SbMPi Specialities Gra. tZOM 108 
British Sugar Cora- i50bi 437 40 5 
British Svohon Inds. iZOol 24»s 
British Tar Products (IOpi 39 M4/4) 
British Vending Inds. l!0e» 12 3 <14/4* 
British Vila 143 4 j M4/41 • 


Cowie (T-> C5pi 27 'a nsrii. 

t£1 ) 89 (14,4) 

Cradlev Printing (too) 16 
Cray Electronics Utoo) 51. Now (top) 55 
7 iB/Ai 

Crean CJ.) (lr£0.25) 151.2 (B 41 

Crest Nicholson tl(H» 93 4t 4 >:t 5 6 
Croda Intnl. (topi 76 >s 7 8. Old. dOo) 
41 

Cron it* Go. 27 8 . 

Crosbv Woodhcid mIOp) B'j 9 
Crouch (D.i (20o) 96 7 
Crouch Go. lOBb 10. BpdLn. 73h 4 
(-14/4) 

Crown House 71 

Crystal ate Hldgs. (So) 97 <: (14M>. O'*oc 
| Ln 1470 

Cullen's Stores A Non-riO. (20o) 190 
114.-4} 

| Currys Group 172 

I Dale Electric SnH. (top) 61 S (1414) 

. Da lorn- (£.1) 307 B 9 10 It 1 2 
Danish Bacon Co. C£U 82 04.4) 

■ Danks Gower ton 39 (14J4) 

I Davies & Newman 76 
i Davis i Godfrey) 82 3 l8.'4> 

I Davy Corporation 131 2 4 1-8 
Dawson International 116 7 8 

I De La Rue 603 5 - 7 

gpcLn. i De vere Hotels 175 

Dean son (Hldgs.) (too) 19 (8‘4) 
Debenhams 71 4 5 6. HocCnv. 86 

Delta Group 43 4 >a= <1 
Delyn Pakaginfl (ZOp) 12 (13/4) 

Dennis (James H.) (lOo) 20 (0/4) 

Deri tend Stamping <50p) 81 (13,4) 
Oen-llron (10o) B to 
Dcsoutter 8rqs. 92 04.-4) 


F M.C. *8 

faiTcioush Const ruction 147 9 
Fairelew Ests. (SCO) 56 7 ij 9 
. Farmer (S. W) 148 (3.4) 

. Farnell Electronics (So' <68 to *’ 

' Feb InternatT. (tool 101. Do. A N-V 
(tor) 83 4 

i Feed ex Agricf. Inds. (10p) 30 (14/4) 

. Fenner /J. H.i 161 4 
Ferguson Indl. 90 
Ferranti -SOpi 67S 

I Ferry Pickering /tool 70 f|« 2 rl44> 

I Fidelity Radio (tool 52: : * 3 
Fife Indmar 112 (13.'41 
. Fine Art Dvtpts. ISpi *4 6 
- Flnlan Uohm riOpi 158 
I Finlay /James, 83 6 
. Finlay Packaging (5n) 29 ri3'*l 
First Castle Electronics Now (IOpi 51 2 • 
Firth fC. M.) (Hldgs.1 (Idol 178 SO 1 
U 2 3i 

Fisher (Albert) Gro (Sn) 33'a 4 S fct 
6: 6. New (5o) (Nit ed-> 13 4 
FI sons |£1 i 290 2 3 5 7 
Fitch Lovell <20p) 72 
FiRwiltoa (IR£0-25| IS0.3. 9pcCnv.Ur>s. 
Ln. 77 9 (1*4) 

Flret Hldgs. (20 p) 21 >» ’»! •• h 2 1 ! 
Fletcher Challenge rtNO.SOi SO 2 (14.-41 
Fligkt Refuelling 243 5 7 
i Fobel Innmr. (10o) 16 
Fogarty <€.) (30o) 66. D?d (40pi 61 
' (13.4) 

Fclkes /John) Helo iSo) 13 N-Vtg. 


L— M 

LC P. Hldgs S3 4 S 

LRC I nter national (tool 481- 9 h 

LWT (Hides) A N-Vta- 149 (14/4) 

Lad broke Greum (ion) 1*4 57 8: 5 9 CO. 
Wls to Subscnbe for Ord 107 
Ladies Pnde Optcrwear (2(to) 41 
Lamg Dchn) 74 5 6 A N-Vtg 73 4i &. 
Laird Group 115 6 
. Lake and Elliot 47 B 'i: 50 
Lambert Howuifi Group 12 Op) 84 5 

f (14/4) 

Lamom Hldgs (tool 16'i 
La nca t20o) 3* (14.-4) 

Lancaster (D. M.) (Sn) 25 <14 4) 

Lapcrte Industries (Hldgs-. (50p) 140 1 
Latham (James) (£!> 1.15 n*i4) 
Lawrence (Walter) liW 
Lawtex 36 (8/4) 

Lead Industries Group (500) -176 9 
Leadernush (Hidgsi nop) 317 (14/4) ■ 

Le: Re/r-geralicn 208 IS 

Lee C Arthur) Sons C17kx>) OAt* 5 (S/4) 

Lee Cooper Group 11B>: 207 

Leech rWiBtam) (2Qz» 93 

Leigh loxrests (Sp) B9 

Lennon* Group nop) 51 

Leo Group (top) 33S (W4) 

■Lex Serwce Grcpp io4 5 6 
Ley I and Pant Wallower 35 
Lev’s Foundries Engineering 16 (14/4) 
Liberty 1241 (13’4) 

Lillestiill Co (The) <i0o> S3 4 ,3 4) 

Lmev If. J. C.) 156 G 9 GO 3 
Linfreft Kllcoor Group (10 b) 38 
Llntood Hldgs 161 2 3 4. IZscLn 1950- 
1590 119 20 (13.4) 

LtnL House PubtlcaHons C20o) 2*5 (814) 
Lie read 26 ri4'4> 

L-strr 27:- 9 

Uveroccl DaHv Post Echo -SOdi 140 
Llcvd Ip. H.t Hides. 34>: 5 
L eiker -Thos-i (Hldgs-i (5o) 12 (S'4). 

A Non.vtg 1 5pJ 1 1 >2 : : 

London Llverpcol Tst. (10p> 46 414 4) 


I (5 Pi 111: 

■ Footwear Industry Invsts 72 


Ratmer Group 92 (1S4) 
Rcxmora 18>i- 13 


3pc Cnv Cam M 

Rkamto' Craisoltlna EfWJMCH “5 Cl* « 

RtehwUons°Westt4rtti <HW) M 1 * 04143 
Alloy Lelsurtj 1 0P) 96 9 'i 
Roberts. Ala n) 117 C7 riajAi 

RobUuon Cfhon»L a SS 
Rock Darhare rtOf? « 2 ’ 3 3 


Walks I reklkrj ■ "a-- “ ■ "V— — , f O 

Wvndbara Ensuitcring ‘.1SO» 63 

Young (HJ HWS*- 26 1^4). 

Zettora Gra. (5o) *1 - 

FINANCIAL TRUSTS (180) 

Aitken Hume idO. 95 l14.«i 

Akrcyd SmltherS J M f _ 

Assam Trading (Hldsa ) » lICoJ « ii*'4i 
Austral wn Aoritunurll IXAO.SOI )*■# 

j Au\hor*v irmu. «0 p> > 

* Bonnsbend Hldpl- t£li 85 (8** 

; Bouttead »1Qoi 69 61 _ 

i Bridgewater Est ates /50p1 4 00 - 
j Britannia Arrow Hhfos 41 : 2 ‘. 

] Cl» M Aberdeen Und Assoc- (Mb' *05 

p* iy*Maii Gw< Jrns* (5901 *10 <14 4!- 
1 A Non-vig *6SD) 400 10 H44) 

Dawes -G. R 1 HMgs 4);. •»- 114.4) 

East of Scotland Oranora SO 1 
Efdcn I XL (5A11 177 
Electra Invest Tsl W 1 ! « 7 
Er-ohsh Asm Go 170 
Ersklnc House ImrtSTS- 3* 

Ex. Lands TlOO' i2 4 «. . , _ . «_ 

Exco intnl. (100' ISO 1 Z 3 4 6. 


.SlL-jrt- - 

SSSSJSKgww^ ^ 

TccMiSltoF IWlWWI 

<Ur MIS - *1 » •« 

t 

Trana-lpce*"'® 7raw74^ ( 

ySSSSsHRaS**** 9 «**•■ ^ 

4V ^erao^v sw* JO) M bII« J 

TristW "caw- & *S 7’: 

UL*ied flrit-ah 841 * w 
United S , »’«. ,x ?! rt oSru f “»•*» 

Uodown irvcsl. ? 

Rcsdum-s T 



Roekware Graap..7J j .2 1 3 2 4 14WJ _ Nev A 


"sg2 r vi 6 . , sa''jffi i ^.i 

Bass -aAar’. 

gSS^MSijgiPBM «■ * • 

E uvw n Holete- 137 ^ 

HSSW 1 ' 




07 « K 1« 
12 

sSte i fllnev"2'r3'<1 4 l4’ 

Bamuel (H.) 2 QS. A ^ (SOoi 35 

Sandorson Murray Eider 
(8 j4J 


Sandhurst Mirwura (too) SS 
Sangers_Groue -46 7 


(14:4) 

Scotem 64 *: S 

Kn°Gr^p <100) 24 >: (14/4’ 
Scottish 0 Agricultural Hidustrios (£1> to5 

<to)ttis3 ,4 En9iisb Europe*" Textiles C20e> 
«Oo) BS 

S^ar* Hldgs St Ji 2 >2 bj.v^o ZOO 
ISSritTcfn^M H 2 ld». (1flp7 138 4S DO. 


(lOp) 


159'‘wi 330! 01 J *_i 
Evpioratlsn «p1 30 2 


F F ,^nMSL aRw(ft • 

First Chariots 5^? 

wnt ^ u 


Fl’rf 

Goode D u rrart Murray Grp <o« » 


vitaS"' l iawy w. jpyj.s/ I bs 0 31*1 

Wemvss Until 


Wgmvss inwnr '‘JJ.AVi 

WKIDCOl Invest- 7ri*« 5* 5 1 14 , 4 ) 

Winter bottom TrW * S 

11414). _ 

UNIT TRUSTS (3) 
CoNunlr* Mutual Buna Unit* C» 375 
n3(4. _ . wd Gen. .KM**: 


Fond me. 


M a(H) C Anwrieu Recowr* 

M Wd G Extra 7Wd euiM ^ 


Gresfurn itmnwa} to- B4*s 


2K 


! M and G_HW> ' 
Mi and C- See 1 


tndepco4cntlnyeernejtt 
Investment Co. 25 tBw 


Kol^TR.Wnahk^ «£)' « 


every Fund 130 (8»A) 

HI NES — Mlswllancous (187$ 


London Assoc. 
113/41 


London Scottish Finance tIOrt 41 


„ u Grp. 233 f 13! *2 . 
Manson Fln4i»«,7W- (2pP) 54 


SSMe 5^- «6 80 S B 

Mdi?°AUen intenwt. iSOol- 4M 6';: « 



New (1 Op) 1*4. 


Security Services 223 H44). 
(14/4) 


Do. A 215 


Seflmraurt *«?.' 11 -S*,, 1 ® 
Senior E nfl ■ ^ * 6 ‘- 


B (14(4) 


m js&sa « 

SoSreMCaraMS flOM 1 JL: 

Sheffield Brick Grp. 40 (13/4* 

Shiloh SPlnners 18 
Skflaw Gra. (SDp) 1®7 « 

iaauasTMrh«s , m ■ * 6 7s 

linHS’cri* (limits Is w‘: ■'**. 1-5**rtJ>. 

170 (14(41 

i nopi^ 

&8 Hd hoc 

Smiiii (VV. H.i Son ZHId9»-' A (SOp) 169 
71. DO. 8 i*1 OP) 33. 


Lens?" Midland Inds. 91 2 

Gra. *»: : 9 : r S0 


What do wine drinkers 

lookfor? 


Ford (Martin) (top) I) 1 ) 4 <* 

Ford Motor Com. (S2) 11'* (ll'O 
Form luster (too) H04> 

Forfnurp Mason f£1) 730 '1S."4> 

Forward Tnchnologv Inds. 25 6 7 32 
Foseco Minscp 204. . 10ocCnv.Uns.Ln. 

117 (5-4) 

Foster Bros. Clothing S3 4 
Foster rjohnl 2H- S <8, 4) 

FothergUI Harvev 127 9 
Francis Inds. 70 

Frauds Parker (top) 19 CI4/4). 7i a pcCnv. 
Uns.Ln. 64 i14.'4) 

1 I*. 1 1 

Futur. 97 8 (18U) 



London Northern . . 

London Brick Id 6<- 7 1*pcLn. 146 7 
Longlcn Indl. Hides. 39 *0 1 (14.4) 
lor.rrg 69 :- 70 1 3 
Leredvl; Universal 41 
(.pokers 47 

Lovell <Y J.1 (Hides. > 294 6 €14 41 
Low Bonar -30p] 1.14 9 
Low fWm.i (20oi 194 5£ :?i 
Ccw- ra=bt. H.) 20 Ij <8 41 
Lucas Inds. <£11 1844 5 6 7 
'vies «S.] *20o' 72 

MFI Furniture Gra. ClOw 601 60 1 2 
• A Electric Grp. 291 3 7 
ML Midas. 273 8 80 <14 4) 

MV Dart OOP) 29. DM. a Opt IT 
Macsrthys Pharmaceuticals <2 Oca 153 6 
McCcraucdale (SOp* 150 *'14 4) 

- :;kjys tHuahi SI i- 414 4 
M«x ecnme Bret. — - - - 
91 ft 4* 

MasLcllan (P W) CZOP) 35 t»*l 

Macpnerscn iDonald 1 Gra. 00 1 

‘•-.met Southerns 164 5 

Matin rj. J.l Paper Mills 1S4 5 <14'4) 

Management Agency Music OOP) 112 5 

Manders 160 

Manganese Bronze 2 * 1 , C14’4) 

Manor National Motors <20p) 91; (1 •*'*>- 
■GpcLn. 51 
Marahwlef 112 6 7 

Marks ScWCCr t«3 <: 4 h 5 7 

Marfey 41 i ; 2 

Mi-lihP Inds MOd) 34 l- 03(4) 

Mw*** 11 fThomas) 47 8 (f14'4>. A 4G 

Marshalls HalMpv 92 04M) 

Marshall's Universal 80 2 4 
7'-prPf, .XI) 73 0*-4 


96' 7 <14'4). lOpcLn- 


smlths Inds. (SOp) 3*0 3 5 7 
SmuriM rjeflerson) .Gra. 53 3 


7 034) 


90 £ 


soicv PLC iReg.) isao) 

Ssmle i«0 

somportex Hldgs. 75 ...... 

Sonic Sound MOW 119 
Soiheby Parke Barnet 28S 7 8 

Sound DiBusion (-So) BO 1 21 2 3: 
Sparrow FG.W.I f20p) 47 , 

5 near Jackson l/Mnl. 1 0fl 014MI 
Socedweli Geer Case 16 *1-3(4) _ .. 

Spencer Clark M«al Industs- 8200) 21 
ra*i 

Soencer Gears (Hldgs.) « n> 11 
Spencer (-George' 21 fUMl 


S*IP P « MeSi? ^> a 

£S?1SSb5 l,,a Bg«f MW.&' 59 BO 
Smith Bras. 40 J f , _ ujta - u 

"o Z™- ^ 

££' las ifa- - fl _ 

WelbceK Imn. llh 1 1*/« 

Vericgreen Imrt. iJOPJ 1» 

Yuic Catto noo) S” 


INSURANCE (379> 

Alrjsandcr Alexander rtll 1SH Vt. -«« 
•r fci. -n.9t L5C? 1 : ■* 

Brerrtnatl Beard, IOp'27 <T3*) 

Fntannrc (5p! 269 70 ^*.4‘ - 

Commercial Union 132-3 4. _4 5 6 


Eagle Star 362 3 4 5 6 
Edinburgh GenJ. OOP) )S WO 
Emiity Law Life (So- 5?2_4 6 


7 97 


General Ooc. Fire Lite <292. 4_6_ 
Gaardl* 


3E -3 4 S 6 


— . JIM Royrf £«h- 2IE 3 
Hambroj Ufa (5^:282 S 4 5 
Heath fC. E.) (20p> 2K)7 
Hoaa Robinsae 101 (13^1 
Howocn (A lev - nOpi 158 (73W» 

Legal General 246: 6 7 8 9 
London Manchester 2*4 ■ 

London United Iwesaneots «Cp) 202 

ra 4) 

Mtnet HMgs CB0W1 162 
Pezri AjHKUftmei- (-Spi SS4 S 6 .7 8 90.4 
Pncetrlz Assurance 226 7. 3 9 30 A 
Prudential Corasrattai 246 7 6 9 
R-rfuge Assurance rep) 226 - 

«Stal Hisurance 324 5 6 7 8 9 301 30 3 
Sidawick Group PKW1 i«i 2 3 4 6 

su-nheuse Hldgs 106 7 - 

5: swart Wrigtttson H«» CZOpI 225 
Sun Alllr-noe Lonion Insurance f£1» 78B 

Sun LTfn 3 a : wurea :e Society (Sp) 310 •' ’» 
VViIIif Fapet 455 


INVESTMENT TRUSTS (308) 


Splrax-Sarco Enghwerirtg 146 7 SO 


Spring ’Grave (fijoi 85 U 8 • 

SuirlrrH Horn M£i:P) M t8f4J 
Staffordshire Potteries (Tlldgs.) 80 OW 
Stakls (IOPI 64 SJ S6V. 

.Standard r itew o rta 55 S 
Standard Tel eph one s Cables 510 


Ira *SS'« * 


S tardy Industs. 

; Stee? B^Sera WdmL 210 3 Cl®4) 
i Steed <-y 167 4- 70 
Strintcrg (top) 6 0.414 1 
t SterUng Indusss. C^p) 33 01404) 

' Stewart Plastics 126 B 
' sorting COpI -56 7 8 60 
Staddake Hldgs. 1-17 («4M» 


A.ycrtfen Tr-*V 1 S3 9 
Alls) Hives: Went Trust 42 Pi«> 
-Aibinv lirraidncot Trmi lUol 30 (13141 
Allrancc Investment 89 L* 

Alliance Trust 2« 3 4 

Ai|i/ L ‘Ud Hie. Shs. 65. ft*/4). Cao- Sn*. 

-Ambrose Inveament Trust Cap. 54 (14-4) 
-4iT,t.rlc»n Trust b2*. 6 38 /13 41 

Anglo American Securities 131 
Ar.o'D-lctcrcotlonal Invest- Trust Orv. *3 
1 14(4.-. Asset 202 (1 Af*l 
Acsto Scottish rnvesiment Trort 65 
Archimedes Investment Trust Can- .(SOo) 

Ashdown Invesiir.ynt Truri 1 P« M* *) 
-Asm* Special SVbrttions Trort flop) MO 
Atlanta Baft. Chic Reg- I«v. Tat. <10 p) 
66 (a/41 , _ _ 

A ‘J antic AiSCts Trust S5 6 7 

Atlas Electric General Trust 87 • 

B’HHe . GiCord Jaera Tni« 7S J1414). 

Warrants to Sub for Onl. 25 C14/4) 
Bankera Investmeitt Trust SS (1»'41 
€ il |a 9lRfP TniiT ?3 >14^4) 

Border amt SootN^m ThBt (tOrt 76 *a 


junalganiACett Tin Mines .ot Nteeris SIM 
Apqlo American investment Trust (tfO.M) 

Buuw 4 R5r fPt»2) 10 QV* 

‘Burma Mlnw (JOp) 7 »r . . T ■ 

Charter CnnsoJidatedlto) 2M *. I • T »■ 
2 P (Bn (Can 55i 12 . • * 

El Orn Mining and EwteraUair (10Pl M 'i 

iia^ « 

Hsmptoii^Gol ^ 1 jj 

Kamunting Tm Dredging UMOMi w 
14 41 


Kinta KciiAi Thi Drawing. 700 (13 « 

M.T.O. (MOPOULl) rsxTn 


18 


MiUMU Mining Cot pars* (jmo.mi 72 
Rssenrcei Cora ISB1-40) 


J1S41 - 

Minerals and 
370 S 


North Kaigurt) Mines 
JO ■; i *;• - - 


GAOJB) • Wi 


Nnrihchart InraAnwtt tJO-lOiJI . (10*1 

preailng Tin Berh-ff j??] . 1 ..m, 

Rio Tlnta Zinc Cora (Rwa>«to s i.®* 

Si a 3 tv * 1 ^? 

nrrt iBr) (Cph 44 ) 4 »- Aarump 


0*41. 

AIM. 


Ord iBO (Cph ff: 

H5¥ S!:S SSHSS, 


IS M 

wSS 1 ™ mISJSS SS. mi? (5AO-S0) - a« 
zlmblS cSJdlWa^I copper Mine* (Ktol 


Z.TSbla copper Invert**** (Bd»OJ4? « 
MINES — Sooth Africaa (®V 

Anglo American CWTV c* Smrth Afrlcn 

wra. am 3? 1 - 

BI?wru«ticM GoJd MhifcB S" 


totoJMl vJ2?^2l rk? rail'll 




Pbanifonteki Gold 

DricfonWKl C aiMI. 1_1.Ba f1*Ay^ 

Durban Rcodeooort 
Ean OasWlwWi'. whim JSii 


li? M-HSaKla 


Free State GednW Mine* 

G^nerSf* Minina Unfcn . Coraii. ' «W.«0) 
Baa 56 60 75 


cSfd Field”* South Africa (R0.2S) .=0'i 

n4M> 

Gad FI 


nertv CB0J51 (Rwd/ »<L99 


s-jrT ss 

p 540 50 


Her^£crt/ontcm -Goti) Miiilnq (011 938 
Impata PUtihum HldPS.' fHO-70)35O 

johann^ura Conj. rtgp - » 

S22U S223i 


Kinross Mine* fRI) *9Jl p533 
Kloof Gold Mining «1) 


LSi ,, S3 ? &il%o..5s a,? ■«> 


Libonon Gold - 

Lorrtr.e GoW Mines (*I7 » S2.4S 1 S 

Mirfreale Cons. Mloflk _<Sp.28» Id - 


Iretnar Trifit _ (25p) 87 C14I4) 
British American and Gen ,i 


rust 501- 


Mess! na iRO.SO) 935. if 3*43 . 
mew Wltwalcrarand Geld wplor. 
is?'»ib; 4 v " • , _ - 


rttaSD) 


Bniish^ Indus and 


Inv Trust DM 


1 Pra^dint ‘ Brand Gold . Mining (R0.50) 


Gojd Mbiloa (R0.50) 


British Invest Trust 182 „ 

Hraaostone Inv Trust >20^.196 04/41 


j.t 5t 6t: 


G.B. Papers 21 


G— H 


GEJ Inierni: «20p) 73. 04 4) 


G.R. .Hldgs.1 260 (Bf* 

Gallifonj (So) 60 FI A 4) 

Garford-Liliey Inds. (Spl 26 1* 7 
Goroar Booth 79 <8 4* 

Canon Engng. (10p) 25 0314) 

GartOflS OOP) 0 

Gaskcll Braadloom I20P» 40 iw 
Gates CFrank G.i 54 (14141 
Geers Gross *topi 123 30 
Gclfw (A. J.' (20D) 49 
General Electric -63- 8 9. 93. 90 1 2 
. 234578 800 2 

I General El<w Over* Capital Cera. 5 -:pc 
1 StlflS Gtd Ln. 82 0 3-61 
Cestccncr 70 I1A'4). Ord. 65. A (Non* 
Vts-i <52 3 4 8 (14/4i A (Non-Vtg./ Cap- 
50 3. 1 OpcUns.Ln. 70(3® 

Gibbs Dandy FIOpl 76 (0J4). Non-Vts. -4- 
OOpl 20 06-41 
Glcves (20 Pl 32_ 

GUI DuflPS 106 8 __ 

Glasgow PavHKon OOP) 220 3740 
Glass Glover (Sn, 129 <14 W 
Glaxo Hldgs. «Op» S64 5 K S 7! « 8 
9 'SO 8 4 91. 7'rpeUnsJ.n. £222 3 4 6 

Oregon flM.J.f «Caotracwr»« , ,I1« IJ® 
Gfyowed 4 12 >3 Uj S- _ 6pcUn s^i-_ *73® 
Gnome Photographic Products OIOPI S4 
(1A’4» , ^ 

sattasrBMfi 

Gotnxnr 30 

Goodman {5 p» l-»: J5 
Goodwin OOP) 14 (Bid) 

Gordon FLidSl MOP) 18 
Grampian &2 8144*1 

Gram pun Telerislon Non-Vtg.A /too' *1 
Granada A ttimttodjrtg.) 220 12 4 
Grand Metropolitan ffiOp) I9S 6 7. 7 8 91 
9 200: 200 151 2, 2 3 4 5 
Grattan 104 6 

Great Universal Storm 482 ______ 

Gt. Universal Stores A 475 6 7 8 80 2 
Greatermarw Stores (H0.501 450. A 

Greer, bank Industrial Htdgi- "1001 33 ij 4 
GrcenfleMs Leisure ftopi ZS 1 : (Td/4) 
Green's Economiser 1*5 
Grimshswe Hldps. Ofjl 
GriopcrrodS HldOS. -IOpi 96 B-B/dl 
Group Lotus Car ComoaiMes rtfln) 32 
Grove-bell Grp. (5P> iS'i ® *13/41 
Guest Keen Nettl e/old r- dll 181 2 3 4. 
6-.prt.n- 771; 8 9 tf14Ml 


Ks-iaar^B? 0 ?;*^ “ cm * 1 
ttsR.esuPta. « 

May Hassell 61 3 (144) 


Medminster (Tool SB 
Meiims <501 M ut 
Melody Mills 17 rt* 4) . 
Mcmcc (Memory' (top) 250 


Mmsift (John) 233 
i) Be ‘ 


StonebKf Hldgg^®l_«4^i ) 


Brunner Invest Trust 75 (4/41 
CLRP lav Trust 105 fr. Wr 
»1S/i 


Stcthert Pitt (£1) 66 
Strong Fisher CHIdgs.) 48 
Stroud Alley Orummond SO 1 
Sturfa HWgs. OOpf to ism 1. 1. t*ew Ord. 
dido) to i- 

■Imnner^rancto fHldps.) <10 d) 3>x 
5umrie Gfothes <20pi 38 C14C4) 

Sunbeam Wctsey ll£0-2» 24 S 
Service <iooi 707 (14T*» 


Sunlight S 

Suora Group (top) 44 


Sutcliffe. Sseakman and Co 2ff* _ 

Sut-Jr ElertrKa/ (Sp) *9 50 1. Did. <5pS #1. 
gi.pcLn. 109 


syrwne 10.21 (14M1 


8 7 4 


Shapers 

they can trust. 

How can a label help you choose a good wine? It can tell you 
the type of wine, but not whether it is firom the right source. 
The AppeBarion and the Vintage, but not the care taken in its _ 
fermentation and its matuiadon. The ptoducei; but not how it as 

Hendedandbotded. , 

The shippers name alone is your gdarantee. Boucmrd Ame 
assure you ora high standard Our name has maintained its 
reputarion because we expertly select and carefully ship only the 
finest wines. 

When you see Bouchard Aine on the label, you snow you 

are getting a very good wine fix>m a shipper you can trust 

Bouchard Aine 

85 Ebury Street, London S Wl. Tel: 01-235-3661. 


MMal Be f£1) 142 3 4 5 8 7 

: aaSaffWGi?* 

I Mcttry 1 * 1 2 Sn <V 3 U 41 15,1 6 • ,3 ' 4 ' 

"-wr (Montague L.' E8 9 60 1 
* M.d/*nd .ndujtnra (5p> 57. E 60 1 
! Millrr (F t -Ternlej, tl9p) 94I r 5 
M'J'pt fSMrtcv, Hldgs. (10p> II (a/4) 
.Villens Leisure Shoos f2So> 96 (1*'4l 
Miniig Supplies <10 p) 130 
MJtchell Cans Gra. 39'j 40 ISpcLn. 


Svmonds Eng. Co. (Spi 

T— XJ — -V 

TACE (IOpi 17 (1*41 
101 

Wett Hidg&v rsun !«:? 


TW.t ilOD* w I IK 

Talbw Group -5 p» - 


rtt to snb 43 

Cumbnan And Gen Secs 36L New 361 
Cl 314) 


Canadian and Fore ign Iw Trart 169 CT-JW) 
Cardinal In* Trust DM 84 (13)4). New 
Did 85 (13/0 ... -• 


cSar^n* Trass 101 . 9pc Lb 147 C13M) , 
channel, islands' and- Inttr 190 
- irtcr Trast Ag«cy_J4. ^ ^ m 


and Commercial 28 

cTrv^ Forelpn* 7S 6 7 Jig. 4) 

City of Lccdon Trurt DM 79 80 «-W) 
City of Oxford 103 H&j) 

IbSSSS TSSfezM * 

“ i Unit 


Tarmac -'SOoi 462 4 6 8 
Tate and Lvle -£D 


99 


H.AT Group (lOP* 81 2': . ^ ' 

Habit Precision Engweenng *5p) 14 <13/41 
Habitat Mothercare ildpi 181 >i "i| . 3 

4 5 6. 9'iPrt.n. 1011*1 ■« 41 2 5 4 

5 6 

Hadcn 195 8 200 

Hall Engineering -Jlldflh.) f50P) 158 (14/4,. 

7 -ipcLn. 1-12 *4 4.4* 

Hall CMHfhcwi 196 8 
Hi line -Uni 204 _ 

Halma FiOni 10* 6 


Halstead James Group CIOpI 61 3 
Hampson Indus' 


.ndustriea «5o) 9 

Hanger InvrstmenH riOw 2Si. 6 418/4* 
Hanlmek Cpn. i3Ad 2S1 4S rt3'4i 
Hanover Investments fHMgs.i ncp> 40 1 
■14(4) 

Hansen Trust l«fi 7 K 8 9 SOt 50 1 3. 
E'vPCLn, 178 CBM): 9).p«.n. 1-13J; * 
i. s >2 8’i 

Hargreaves Grp. COp* 52 
Hams Qoeenswav Grp- HOW 1*8 
Harrison tT. C) 82 

Ha^'VSSSk? era? 288 9 90 1 2 4 


Ml leli ell. Somers (IOPI 40 

Mitel NPV 10:. *13 *1 

Mixioncrcte (Hldgs-i 91 

Mohon Go. (ton) 20 1 

Mnoern Engineers of Bristol (Hldgs. > 22 

*o.aj 

Mo/Ins 160 

Molynx Hldos. <2 Op) 20 CBM) 

Monk (A.) 54 
Monsanto SpcLb. 112 3 


More O’Ferrall riOpi 130 3 (894) 

120 1 234 


Morgan Crucible _ _ . 

MojTison CWO Sapermaricets 81 Op) 1-SE 8 

Moss Bros CJQpi 1 45 OOM) 

Moss Eng Gp 99 
Moss fR.l OIOpi 460 
Mount Charlotte Invests. POP) 22 h 
Mcwlwi CJ.1 105 
Mulrhead Iff* 6 
Munton Bras (IOpi 27ij 8 


2 <3 3i 3 5 


N— O— P 

NCC Energy 01 Op) 57 60 1 

i?s 7 a 

NSS Newsagents «10o) 167 8 
Nish U. F.i Secs. 39 45 (14/4) 

Necdlere 72* 30 
Ncrpsend !«•: 5 014 4) 

Nell Spencer Hldgs (IOpi 1-3 4 
Neill ij i Hldgs 26 
New Equipment ilOpl 32 >8/41 
Newarthlil -LI ) 5io 
New bo Id Burton Hldgs. *5 (14 41 
Newman Industs. T 
Newman-Tenlu Gp. 67 
Mcwmsrk -L.) 320 
News Intnl. iRest-rts) 9* 5 (1*4) 
Nichols -J. N.) ivimta) 214 014>4) 
Neele Lund LlOoi 9 
Norcros 99': IOO 
Norfolk Capital Go. (5 p> 27 ci**> 

North (M. F.I HOP) 33 
North Midland Construction (too) 

> 1 3-41 

Northern Engineering Inds. B41: 5 
7 8 

Northern Foods ISA 5 6 7 3 9 60 
Norton 4 Wrlaht Group (top) 40 
Norton fW. £ j /5p] S (14-4) 

Nottingham Brick (50 d) 140 
Nottingham Manufacturing Co. 165 6>s. 

6':PCCnv. 140 9 <1314) 

Nova /Jersey.' Kn*t CZOP) B3 
Nurd'n A P«PCk OOP) 146 B 
Np-5wlft Industries C5pi 31 (j 2i 2 


200 2. 1 3pcLr 

Ta«o of Leeds ao 1 rl'S 41 
Taylor Woodrow 500 S 20 

Tcfefuslon (Sp) 49 A h'/ C^i 4B fl-OM) 
Teluohone Rentals *15 7 8 M 

Tesre WorS‘<* < ff^Si''c5p' 59 ' »s 60 ■(; 1i;S 

Tex Abrasi ves 

Tcrtnred Jersey <fOo) 85 

Third Mile Invest. Co. 39 

Thornes Nationwide Transport fASOSOi 

1-oa n*«). „ I _ M . 

Utomson T-Llm Co*"" M/ 1 ™'--, 
Thorn EMI 1 B 80 2 31 3 54 30. 7!pcP1. 

IIS H 8i* 7 la 
n-urgar Rrdex (lOrtia 
riUmry Gnxo 32S S 30* 

TWinB <T.J <2W V3S H 7 9 
Time Inc. (5D 3BM />W) 


Hme Products C 0P» A B *» 
Tomkins (F.H.) ir 


56 


H 6 


Hay iNornral riOpi 42 
Haaeiwood Foods (ZOp) 223 
Head lam. Sims, Cogg-ro. (s»i 47 

— ' -"m (topi 15b fii* 

561*1 


Helene of Low) on „ 

S' &P.15S 7 0*14). Do. 
New Ord 153 7 £14/4> 


HearlaiS’fA irSpo 3 ' 


art WaotMOpl^JO 1 * 


, . (1 On) 2S 11314) 

Hep worth Ceramic Hldgs- 111 'it »x Z *a 3 
Kcpworth (JJ ilflpl mT 7 
Kerman Smith H Op) 20 2 (8/41 
Heron Motor Grp. 31 Js fJSM) 

H errb urocr Breogs^ia (814) 

Hewdee-Sttui 

Htrvi^odWIlUrirtGro. . 

Hlcklnn. Pentecost 'S0p> 77 B jBW 
Hickson. Wekb tHktss.) (SOp) 222 rt*/4) 

HitSl^' Elertre^cs fire. (JOffi *2>s 

Bill- S&Sr 106 ?1 3/41 

Kiligf.flSI.’a. » 
gaffapsL’a*. » 

HOIKS. EJ.A 16 (13I4)_ 


Ocean Wlbans (HldgsJ <2 Op) 37 
Oreana Consolidated 38 
Office & Electronic Machines 320 €)**) 
□Id Swan Hotel IHarrogate) (10p> 66 7 
Oliver (Gears e) -Footwear) 191 >14-41. 

A oon-vtg- 169 

Olives Paper Mill <2dol 25 (13 4) 
OransilHio Investments 1X0.1 ZS) 14>i 
113/4) . . 

Owen Owen IBS (8/*) 

OzaJld Group Hldgs. 67*a 0 W 
7Ui:* 


2 . 


... 5p) 19 

TiUgart°Caro9r(iup WO. 101 '85 >15/4) 
Tnotffi Grp. 35<i 6 '• 7 
Toshiba Csrpn. (Y50) 68 

Traer-^wKlev and MHIboorn (Hldgs-) 

TrafiUga^ 'hobM!* (top) 1 1*5 7 -k 8 

Transparent Paper 24* 

Transport Develoement Gra. 72 -a 3 l. 

Tran wood Gn>- f 5pi 7 '» /14-4I 
Travis and Arnold 166 (14l*\ .... __ 
Trident Television A (Non-Vtg.) <10P> 90 
i. 1 Is 21 2 
TriefUS *B -14/4) 


Triple* Fou*wJrles Gra- 21 '1«> . _ 
Trustriouse Forte 121 2 = 2 3t 3 4 6 


iorte 121 2= 2 3t 3 

Tube mvc. i£l) 12B 30 2. O-ipeLn. B7ii 

Turner ^**d Newall f£1 1 59 80 1 2t 2 3 4 
Tumfl toff*. 132 (1* *1 
Tysons (Contractors' (IObi 29 t14.’4> 
Tvzadc (W, *i OOP) 21# 

UBM Gre- 49 

UDS Gra. 73 •: 4 >: 5 8 

UKO International 4 5 

Ulster Trtcv.kion Non-Vtg J) 67 9 «3Mi 

Unifies Hldgs. HOP) 30 fB/«i 

Unigite 84 5 6 7. 6'uacLn. 1992-97 7* 

Wirier 599 600 2 3 Si 5 8 8 9 
Union Sled Cp". fSHi. Africa) (RO.SOi SB 
« 3/4) 


Ur l tech "tool 237 40 3 4 5 

Utd. Slscu-ts Ufidgs.i 11-3*5; 5 1 _ 

Utd. Englreerlng Industries flOpi 243 7 


Utd. Gas Industrie* 77 
Utd. Guarantee -dfldgs.i < (Spi 19 
Utd. Ncwvoapers 1S8. New 144'* 414M) 
Utd. Parcels rtOoi 171 3 C8I4> . 

Utd. -Seuntihc Hldgs. 308 to. New «4iJ 
30a 10 (1314) _ 

Utd. Soring Sooel Gra. Stop) 18 
UM. W-re Group 86 90 414il4) 


Upton ,6.i Sons ANon-Vts. 23 (14I4» 
Usher-WaJkor IIOoi 56 04/4) 


Hart Ltag lnterTHt,.CJOp) 48> : 9 


Home 


irm noo) 156 


isi^s-iE "c-srsTsS 1 as® 

House of Fraser 148 ?.» * * * 


Itamud and Wtmdhwi OOrt G»» 

A itoP) 8 1 / f> 4.4) 

ass fflssJiS-wJrV 

Howard Tot* Services SSi 5 6 «*-. 7. •:« 


Howard Tw« 

Howrfeit Group 150 

aap«ft]p" 

Hunf*»m( Moscmp /MkJdlittW) >3a0 12. 

ra® 91 2 3 41 

Hyman 0- and J.) tSstt 9 


W-K 

ICL' -» 9 « s so u: 1 

!u Irtritf. Core. Com. tn.ZO) si 3 MW 

ie^^ hni a n 0 r?S and ce. S20P1 «. 

Imperial GeemicaMtffK. (*T) to6 8 9 io: 
10 1 25.4 3 4 S 6 


P.H- industries 39= 03/4) . . 

Panic (P.i HOP) 13 

Parkdalc Hldos. t]Op) 3S>: <13/4) 

Parker -Knoll A non-vtg. 124 (1*<4) 
Parkland Textile (Hldgs.) 41 <K4). A 41 
Paterson Jenks E3 5>t. )1.5pcCum. 280 
Patman Zochoni* (top) IZ3 4 5- A 
non-vtg. 120 1 3 6 
Pauls A- Whites 200 2 
Pearce (C H.I 12 Cl 3(4) 

Pearson Longman 3201 IS 1 2 41 4 S: 5 
6; 6 7 30: 

Pesrsoh CS.l and Son 23B 40 L 

1 0>UKCnvLn 3& C8 4) 

Peek HldS* /7 d1 12 (84) 

Peel HidBs >43 

Pceriosi 38 
Pcgler-Hitwrslev ISB 
Pennine Cemmerdal Hldgs (top) 6 V 
Peotland Industries OOP) 63>i (8:41 
Penl05 Ctom 9 10 1 >S (14 8). Dfd (ZOPI 

14 (8/4) 

Pcrrv (Hirold) Mdlor 99 Cl**) 

Pertrew Hldgs Ctop) 58 
Peters Stores Cl Op) 6B 70 2 
Peti-OCOn Group MZ'.-ol 59 70 
Plucom ftoe'j 22 3. 3nePf (£1) 70 dA«> 
nil lies Financo S-'rocLn SOh iff4(4) . , 

Phillips Lamp* Hldps CF1 101 5Z0 1 2 
Phillips Pate-ns (Hide) 2s CBM 
Phoern* Timber TO 3 
Phetay (LcmdoM 62 
EP’Sf’-M?.. International <H 0 oS 4*20_ 
Plckks (WilHam) (10o» 6 Ki4). A ClOo) 

Prtra Hides f20») .ISO CBM). A (20rt 
182 18-4) 

PHkmffion Bros (£1) 257 8 40 2 3 4 5 
Pittard Group 61 

Pla|ignum 4So' 6>:. (fis> /FPrPAL 
2U5.8ZI 7. <Sp) <Nn-W |9jUff«2) 0'lt 

piaxtsn's. fGBl 1*4 

Please rami tse) 20S 10. Mew esp) 205 
P lesser <50d1 360 1 3 4 S 7 
PlySU flOP) 1091; 11 
Fechin's 2is (ic-4» 

Polly P«*t Hide si (5o) 326 30: - 
Portal^ Hldgs 520 30. K|PcLe 13S 

Pprler Chadbura (20 p> 35 (13(41 
Pcrtlsnd Holdmgs (120.30) IS (14-4) 
Portsmouth and Sunder'd rjj Newsp a per* 

PowcH Duffrvn (5-Do) 220 1 2 ! 

I p ratt ( « F.^ Engineer, ng 36. SpcLn 89 9 

| Pros Tools -ton’ Jg rt3.4) 

Pres, (Willtami Group (10a) 66 ‘7 fcs 
Prsssac Holdings (IOpi zoh 2 


Valor 65 _ 

Vantwu Group (BOM 129® 

Vcctl* Storn Group flOpl 29 414M> 
Vickers C£1) -154 5 6 7 8 9 
Victor Products (WaHsencD 1-40 
VHter* C°P* **13141 
vmten Gra- <2 Op) 2*0 _ 

V natron NV ODFIO.251 68 410H40 

" “ 8441 

W — Y — Z 

W Ribbons Hldgs. «10p* law C13M9 
WGI 105 


Phtmental UnicmYri -Tie 
^riacent Japan fSOp) 267 8 70 • 

Dime Inyerfmenr- Trust Cao *2o) Sij 

(B-4). wts- 6 -e.4) 

Delta Inrestment Go (BA31 ' 1M (8*) 

, Drrijv Trust a£1 1 24ff (1*4>. Cao ,500) 

i Dommitn? V General Trow 266 H 3-4) 
l Prayien Commrr.il laws.mCDt 145 7 
I Drarion Consolidated Trust 1SS 6 7 
1 -13 4) 

Ora-ron Far Eastern Trust. 5&j;: 

I Drayton Premier fnv. Trust 19S® 7'rac 
I A Cnv. 124 (8-4) 

Dual vast (50p) 63 (13 4). Gad. *48 
Dundee London Invest. Trust 93 Cl*fl 
-Edinburgh American Assets 93 =■ 8 pc 
C n*. S35 M 3/4) „ , _ 

Edinburgh investment Trim GS 1; 6 
Electric A General Imwrtmcn, 110 T 
(1314) 

Energy Resources * Services - C5S) 3i< 
English & International Trust 109 
English A New York Trust 92 
English A Scottish Investor* S9 8M-M) 

B 55 7 

English National Investment 27 Cl 4.4). 

Eovdty Consort Investment Trust Gl) 
138 C&4) 

Equity Income Trust -/SOp) 290 (-14/4) 
EsLate Duties Investment Trust 72 
FamMy Investment Trust IOI 
FI ret Scottish American Trust 12.10. Bp; 

Cnv. 108 (14*1 ,, „ , „ 

Fleogsing Investments 62(s >144) 
Foreisn & Col. Invert. Trust 58 <: 
Fulcrum Cap. Shs. (2ijP> 3U 
Fumritwest 40 <14;4). Cap. Shs. 114 
(1414) 

G.T. Global Roc. 73 

G.T. Japan 278 SO 

General Cops. 119 

Generals Funds 265 6 

General Investors Tnast-sw 165 -IB.*) 

General Scottish Tst. 60 iua) 

General SMckh. 150 (8'4) . 

Glasgow Stockholders Tst. 71 
114.41 

Globe 137 <i E. SijncUns.Ln. 108 
114.41. ll'iDcCnv-UnS-Ln. 112 3 (14.41 
Great Northern 136 8 
Greentnir 180 (14.4). Wrts. sub. Ord. 
3E rl3/41 

Gresham Hcusc Est. 165 
Group Investors 97 (14-4) ' 

Guardian 102': 3 ij 
Hambras ES 114 4) 

Hill (Philip) 129 I; 

Industrial General Tst. 7-2 3 'r- 4'aoc 
Civ Db. 142 IS,'4. 

International 94 (1*.4) 

Inverting In Success Equities. 240 
Investment TlL Gucrniey (SOD. 90 (1414) 
Investor* Cadre! Trust 103. 5tjpcP/. 37 
(14 4) 

Japan AfiMts Tst. nop) 17': 

J:rsey General fnvesL {fill 154 
Jos Hldgs. 72 613(4) 

Jure Inv*,. TSL. (-top) 40 (14/4). Cap. (Zpt, 
5L >8/4) 

K -rep Invst. Tst. <5PI 13 'i <8/41 
Kdvstora iPVSt. TK. (SOP) )98 200 

(14-41 

Lake View Invst. Tst. 14B 
Lancashire London 69 
Law Deb. Ccn. 152 

ite HnrsL G»PJ 36 C14»). Do. Cap. <5p) 

Leindgw ,(3ytmcr* C50P) 114 
London Hdyrood Tsl. 152 (101.4) 

London Lennon *Wj 
London Lomond 99 
London Montrose 117 (1414) 

London- Prav. 14S C13f4) 


Vesper -133 


ms. rap) 4-s 5 QT4 47 _ 

Goldsmith StlvarainHfi 50 
Oh-rig 48 (l-dtdt 


(-.4 41. Non-rig .. .. 
Walker (Thgs.) <5p) 1-1 : s 
'■■aro Gcldslone 93 9 
Ward Hi<ns. mop) 48. 
■;i>4 4 V _ 


SS 

Prcsldia: -Swn 

Rjrd J Londtei Core. -rRO/IS) 79 ...... 

Rand Mi.-ws 

Rnn^fontoln ESM. Gld. MS!- <921 5*4 5*5-1 
Rurtenbmg Ratfnum Htdss. 010.1 0) 1 B6 B 

S? 2 Helena Gold Mines «M) S24ti *98 '* 
Stotrtat Seperk CRO.tflJ 340 IwP : •. 
Si mm er- and Jack Mliras CttO.OZ) 122.. 
South African Land and Emtoratton 

SwSiwI HfdffiL iR O-SO) 14 -4 ' 

SHlfcMrtit Gold Mining TR0.S0) Sl2ii 

U.C. Invs. CR1’ 455 60 75 t 


U nisri Gdld. Mines 460 


and Miffing- (00.801 

549*. S*9 5491: *49 ’t £28.65.2 


/aa> Reefs Exnloraui 


M9* 

alnlpi 


Venterspost Gold Minina IRI) 360 (14,4) 
VlalCorreln Geld Mining (R0.70* 118 . 
Wffih-m Gold Miffing (110.511) 47S . .. 

Wwf Rand- Cons. MI1M W1) 102 (13 41 
V/ertorn Areas Gc/d- Mining fRll 167: 
7 8 

Western Deep Levntt <f»Z) S25<4 £’4 
[ia.Pi . 

V-it-rn Hldgs. tPO SOj 19.85 
winkelhartc .Mines «R1>;*2^ »_ f1*4) 


Zanripan Gold Miffing <1 

OIL (50?). 


383 


Aiw-i Prtrffieom SOpT 90 tMsai 
P«ral : 


1* 3 


British -Borneo Pwrot Synd. vlOpr 2-1-2 . 
British Petroleum 282 3 4 6 6 7 St 8 
90 2 8 31<K 

Burma/, 08. 198 4 S i t «» S 7: 7 1:2 81 

Ceoturv 3d* Group -ftopi 09 90 8 
Cbortcrhall C5rt Ill’ll 
Chartertioose Fttrotetau 78 ’a 
Energy Caprtvil CliZijp) 46* . 

Global Natural Resouroes man. toy Ware to 
fir) XSO.OH Slav 

Hamilton Oil Gt. Britain fflOpt 91 3 - 
Hunting. Pettoteum Sendee* .1-02 414/41. 

-New (I p.) -too <14f4il.. lOpeLn. 38 
iRicarlat Cant. Gas -Asaocn. (Eli 478 1 2 
3 * S S. 8prt.n. 70 ■ - ■ • 

KCA DrMHng 57 _ ' 

K*1A Inrer nat ioj u d 87 6 9 90 - ■ 

Landcn Scottish Marine .0(1. 3Z3 9! 6 8 9 
30 2 3 S 7 40. OH Prod. UnK* ClOpt 
7.35 .93. (’13*4) 

03 ind Gas Proportion ,30.02) 38. Do. 
C-OGIpd, 3 (.14/4) • • 

. PrsTiijT Cgisd OKffrida 85pi 40 i»t t i; 2 
J Rpoger Oil npv 320 
Royal Dutch Peteofeom Ff.V. fFtlOk- <«r.» 

. 'Csn.17ff> 19.05 .1 ,« 

I Shell Transport Trading «eg.) 380 1 Jt 
2 3 4 5 6 8 90. Do. (Br.) fCpo-167) 
390 r14/4- • -• 

TR Energy 60 2 

Tear-ra. Petroleum Cpn. <50.16]) SZ0<; 
(13/41 

Tgvaeo (ne Cac (36.25, 17 
Tncentrol 192 4 S B 
Ultramar 175 7 I 10 M l 7 
Weeks Petroleum (Germitoa fin g.) rt0.10> 
IBO 5 (14/4) 


tt-ont/on Strathclyde 6S'i f8r4J 
(Aodan lvr*_ Tst. _fSo) iSjj t 


-London Merohapt Secs. -54 S 7 
, Dfdj 3G 

London Tst. 71 -ij a:j 


U4M). 


and_ 


--- I £«■ 89- M fl-4/4) 

M anpGOudTit.fl Jo) 223 Cl 4/4). Dp. 
.Can- .Stos. MOP) 2*2 (14.4) . 

M .ird G Second Dual Trust Inc. Shares 
tton) 9*. Cap Shares (Up) «Jj - 
Mel drum Invtt. Tat. 7Bi : 

>t 4. OiiPcDb. 


Dfd. Cl Op) 39 


Ward (Thcv W., 2^5 (1*4) 


Ward White fire. — . 

Waring Giliew 1 Hldgs.) 97 
Warrington dhos.l Sens 91 (8341 
Wilorlord G«ass ttRCOOSt 17 8 
Wa/mouffiii rtiliws.i -168 70 J* 5 


WdlfhkiffS 460 ta>4» 

... * 


W alien Phillip IlOp, 55 
Watts Blake Bearne 162 <14 43 
Waved ev Caneran 75 613.4) 


Wcarwell gp) S4 S 


Wetutcn Gra. >5 p) 
Wedgwood 79 80.4? 


38 <14ir43 


wemes Assecs iNdwi 9'; . 
Weir Grp. 54 1* Si 5 I; 6 h 




Western fidWd.Miq* CJOe.lTABiwg^ 


Western Selection Dvpt. C2CM *7 
Wntund ” _ 


94 6 7 
Wetrern Bros. 52 «14M> 
■linsa * " 

Whatman 
Whcuoe 84 


Inga 30 -I 

— Peeve Aaoel 238 


Whway Watson Ofkl^j (IOpi 7 04141 


Wtiltecroft 66 9 
Wlnttingbam (WilUud (HWgsJ fl2W 193 

Whitworth Electric (HWoh) <8P) HO 031*) 
Wholesale Fittings OOw 205 
Wiggins Gra. n (H(i 96 7 


PROPERTY (285) 


Allied London Properties (10M '82 3 8 
Alina rt London ■ Properties 1 Wt; 
Amaipabated Estates ^Sn» 24^8 . ■ f • ■ 


A«io Metrcoffirtan .. . .. 

Apex Prop ftofl'' 1=4. W4i„.. 

A -tuts S« (Spl 31T 4». (14T41 
Bil'on (Perey) 196 S 
Rradford Property Tit 181 11“ *>. 

British Land 791 * 30 it 1. 121* »■" 2002 
273 80 (14/41 __ 

Brivton estate 102 : . ,, 

Capital i CoubU** 123_4 *. *- 
Cardiff Property (2dPi 

Cent rovi rwlal Estaw CIW 1 71 
Chnriertffid proa 34«t •! ^ ^ ^ ? 


Churehlmry E»3 (*S . 820 ,3. 

St < 20pl_270_ _ _ 


Control' toTurlHe^^toP^SG 1 : 7 


>»? 


tibrt ?oi=t 
-English ProoertY COn> 72pcLr» 90 <13 41 
Esetey-Tyas Property f* 3 • 

Esf3T?s end Agency 743 (14/4) 

Estates and General lirwstonente. 1 2Dpl &6 
Estates Property i.tvasttnent 142 

Iwan Ncw*l2iiia>e™ (fill 2D9« 
Fwferatwd Upd 170 3 


JgiKr ouirs . Investmetits (Sol. 21J- 


llfcin* 


MKcheU 


Wilkinson Ward urton 85 (8/41 
Williams and James (En 


9 jpepf. tSlYBO «4ld» 
Williams (John) cf Cardiff 


ngmearej 69 (8/4X 


20 


WiiKams cwj Sons w s 
Wills rGcorgc) Son* Of Wo.)' 108 
Wilson (Connolly) Hldgs. 186 7 9 93 


asrLfwsL’ftai'iio- « 


Prestige Group 167 ri«/*i 


osar Group ^9 SoVW-t * 3 * -, 1 sou? psl'sea n /mt* 
5 rs„ 1 = « .M w, » * . • ! smaafcntda ap « ^ 


mca com, 620 50 9 


Woitioy.Haghta 375._. 

WotRonholmc -Rink > 28 __ 

! Wolverhamprao SWSm Laondnr ram W 

wJ*d 4 iArthurt Sot Aanowt) OfH 20 
Wood Hall Trust 410! (14MJ 
Wood (5. W.> Grp.rcOP'M. 
Woodhead (Jonoii Son* » Off*) _ 
woedhpuse o«8 


Woodward (H i Son* (12 *ie 


Mercantile invert Tit. 55 
Sto'.- 

Mercnant* TlL 92 1- 3. 4pcLn. 127 

Mid Wnri 92 (814) 

Mi-Hand Trt. 100 (3(41 
Monks Inyrt. Tat. fl»Sr ni* 4) 

Iriytac ^jB-ston rtSal 55 a, Wts. W Sub 

M Corea's Invst. 16S fS74i 
Meorsld? Tst. 63 (13/ii 
M-irrav Caledonian tent. 73':. Do. B 
69 IT 3'41 v 

Murray .Cl vdeulsle Invcnr T'.; ns:. 3 ^ 

Murray Gkndcron fives' Trt 133 
Mua-av Northern Invest Tst 74 
Murray Western Invest Trt Eli; 2 i-. 

80 

New Austrska Invest t« fsOp) 77» 

New Oorien Oil Tsa 70. Wan-art* 24 
New Throgmorton Tsf in* 9 *14/41. Cao 
Ln (£1) 200 (O'*). Warrant* i£1) 23>: 
<8(4 > 

New Tokyo Invest Tst cSOp) 89. Warrants 
40 16/4) 

ff^W Invest Tit 88 

North Atlantic Secs 191 <8‘4> 

North Sea Asset: /sc o) 126 
Nflrthern Amo-tun Tit V32 3 
Norriiera Secs T« -230 L: 

Oil Assoc Invest Tst 76 8 
Osprey Assets Ml iff*-'** " 

Pcirtand /nvest Trt 162 (14«) 

RIT (SOP) 3S3G T2« 364pp B 7 
ftietiurii Invest Tst 1 57 i-l4t'4] 

Rights Issues tewt Tst 37 »1444). 

58 n4,4) 

Rfver Mcroairtflo Tit 7313 30 
River Pta* Gtm Invert Tst Dfd. 108 9 . 
MOM) 

Rgbeto NV (Sr) (FfSO) 44 «*n. 

<7151 45-7 

Rol/nco NV /Br) <FH5D1 *3fc CVS, 14). 

shs (F 131 *34 01-4/4) 

Rernney Tst .109. avncLn .106 (i.j.-ji 


Jreat PorOnad Ertotai <50 p> 1&0 2 3 4 
Grant {RJ Properties (IGo 77 8 (13,4) 
Oeencoat Properttes «Sd 1 16 
Grercoot Estates (1 Op) 126 
Hal** Properties 116 

Haauneraan Prop and Invest Trust 655 
H4WI. A 578 95-BO 
Hastmnere^ Estate* (10M 354 6 8. 

gpcLA 1051a. 9'm«Ln 171 3 >14(41 

Hausa Property ot London (SOp) 1 JJ 

(13/4J 

Imrv Property 230 
Uw-rixle Estate (ton) 25 

MSi. -p (i5SS) ,,! * 182 3 U4J4V ***** 

Bind rnvcKcrs Si'; ( 13-41 


,i 


-•■J 


,s*‘ : ^ 


: ir:;.,s 1 


FI 


r 




Khw* 


U"n. 

but ’• 




i’i.i - 




L*«tf -Secnrrtui Innnt Trusi Itl) 3*9 70' 

5 , 2.3 4: * ) S'dfia rt-n ij'441. 
'*c-.Ln 2 ?. iC-Ktn (IS.fi . 

" Shnn COffirer. eHIUuSl 


London »nd P.cr- 

ciapl 45-1 (14.4) 

Lenten S.icc ProeerfY Tra*t 11R 
6l;pcLn 133 9o;i.n 94' r (14-4) 


Lvntsi tree 


M E PC 193 -) 230 J 200 12 4 5. 
721; (14 4) 


6J:DCL1L 


B i McKay rrOrn 120 
Marlborough (5p' 40 
I Murler EiL-. 60 i)?'4i 
Mauntletgh 76 ( 13 - 4 , 
Mcuntnew Ess. 0;i ; © 
Municipal (SOoi 375 yf3i*> 



Cop 


Sub- shs 


Sufc- 


Rosedmond tmresd Trt Cep las (Biii" 
SI Andrew Tst 156 


T «- Income 

ftool 159. Cap Shs OCp, 104'iS i’..*- 
(13,-41 

StOUtsh American (50s) 1 33A - 1 12 3 
Scottish Mrtteneie. NJ. A Nnn.V, inn 
Scottdh Cibes 250 l-i- M4? * 

SEOtli&h Eastern 7”i--8i; • ■ 

Scottish Investment Tit 124 5 
scotssft MortgapeTn 140 
Scottish Noli oral 53 
Seetrish Na-ttiem ais> „ 


New Cavendish flp, 545 <» 4 -- 4 * 

ho/*. British U = (l!? 4 ». M 9iW 


VHk 


Pwchny 140 (1*« 

«1(WMX M-.mng Ftp. ZS G 7 

Praserty RevjrsTc.ftj-v 15C 

JJreptfrtv ' r -r. Tst. 143 . o'-ccLn. 99 ' 

to^iir7o w ” =b> iss 

"TSVinr. S3 .1C,4i . 

RTjtap.’l (L N.V ij 3 4 6 • J- 

Peks.*;:; S7 fir a, • : 

Sss 1 ’** 95 ' : £n ms 5 

HU.H TcppLi.k Zl-5 (14(41 - . 

■Samuffi 101 ^ w (»*"*) 

1-cmrt 1 SOP! E3 h 4 

* Pi.'^ Kffi- 

vteiriand Seer.. [f.pd .1 134 tf -r- 

ric Conversion 30S 5 IE ' • 

Ton-n Cite /!-«> » l, -j 7 « j, tt'l 

ToVi , ,r '° 14BC1H. UM," 

I “*i c 14 3S - 9l|lcL,, • 9 fi-a tiib 

; V 

I w. ;: ttn 2r,Z Prom. 78 rtSSC -.' 

^-tm.n-ier Proarrte Grnpp , 20 pl 2 T% 

’ V; ‘"M' l intrr, EMS iSn) 


k 7 


f. 















•* 


v.. 


3£mantial .Times Saturday April 17 1982 


W 1 * M»M| flBrt'W (144). 


', Jjfi&ftTATsnm (24) 

AMiAnh <6e) ah' ' - 

Anna.iMMUMCm. w 

221 

3 * 

jCAtnetta .Inrno. nOe) w (14<4> 

«?"■)„< wn -art oiij 

CwniK- rfanttnen Swrbfd < 1 M 050 ) * 7 'j 8 
Hwnww -Malaysian Eju. OOpJ Uz a £ 
Highlands Lgwfetw* Bertud . 4Wsoi 70 

Helyittd «1J 37 
l,Kh Kenneth Ka„n, 

Jnr» flOal 40 04 : 4 .. 
rf*4» LttmW ' ,r K#POf ** *«rt»d MU' 40- 
Utwc (£ 1 ) Hz (layii 
*rtr)°n &“*”* fC1> 3 ” n4;4,; MpcH> 

s:« fl r?sj W” f,34) 
ISMawsfiMr 3 n374> 

'noroan* Gratia - tlOp) «50 I13.'4j 

J 233 04.4) 


wYlll*m»tm Tea Hld« ffili 

RAILWAYS ( 5 ) 

Antofagnto iCWin Sol Rati 02 0441 
Quebec Centra) RaUmr Cap sa 

SKIPPING ( 76 ) 

,Mo> 400 * 

fiihw «J.» 1S1H4I4) 

WMS-tsmn SfaJsnrina flit 24 
g«f* Shtotene <Jt 1 ) ayi, (^43 
Hontmfl CUMon » 

’tldMj M “' StMTn Pte)a * <W1 134 1 8 
JKOM Ijj. 1.1 < 20 * > Mi, «J, 

LomkWj 1 0 «m« FrcteMera M<i 7 i 

•Ufa s Mooing 242 J 5 50 5 
Owwt Transport Trading 115 6 7 8 9 ± 
P s? u & u ^ t t c £ w * S **"* 1 °M «« I*** 4 
MS - A ^ 

UTILITIES ( 15 ) 

^ tt,J 58 

.gS'JSin.CtwA C«. HVp 875 raid! 
-flSSSLCfcKSf 1 snu» Repairers noni 2 U 
■ noffi? * #n ' luBJ,,v iRrlOl 40 

Manchester Ship Gins I (Ell 08 
Memer Docks and Harbour Combined 
UiHtS la v 
Milford Oku i£ 1 >. 11 fi 

UNLISTED SECURITIES 
MARKET ( 141 ) 

4 4G, Security Electronics tip) 
teatxJowBrtiin^ non) 4S.H 3:41 


Tridont^omputer ; 

lrtii*? e CeramS S ’ 


Steam (SOo) 


113t 


l,op ’ 31 *=* 

Bui* Resources (IrjLDJZS) I £0.155 
hnlncn Computers (Systems; (lOpJ 80 

CCP North Sea Asodates 191 

contexts Resources '17? s fi 

Car Hon Real Estates Op) 15 . (lOp)isij 


Cttril (HI (£1) 1S5 .04-41 


9 loOr 100 u. 


Cfvae Petroleum 95 
New IF pi PAL Vfl 4,821 05 10D * 
ConvilUnta l Computer and Financial IIOpi 

Crimpnem (£11710 
Cent 1 ntnl. Securities (10p> 12^ Ji; t, 
Duntnn Grp 12oePrf (£1} 101 (13 .41 
Edinburgh Securities' 156 
Enemy Finance a Sen Tat Hides <lOp) 36. 
SncLn 65 

BasIWErMBf * Construction Grp CSOp) 
190 (14.4) 

Fleet Street Letter fSpl' S3 
Fhwd OH Participations rlOpI 73 <14 41 
Fuller Smith a Tumor CCIi 445 (14.4) 
Gas & OH Act rage I20p> 380 , 

Greenwich Cable Communication! 51 
Harm no er Properties flop) 116 7 B 
HartonS Grp (Spl 4h (14.41 
Harvey 4 Thompson rzosu 36 
H-vten i£ii 168 fi»t41 ' 

HeeUmat Hldgs riOpl.98 
Heelamat HHto ( 10 p) 48 
Humboralde Elnetrpnlc Contrail nap) 20» 
ICC Oil Serrkes (tOpj 16 413 4) 


V&fWo 

=65 (t341 

johnmpe j Pa ints hopI 90 4 : 1 ; 5 
pwwntfv. B.rooLrs non) 185 s 
L etoyp Indumtrlm Grp New 12T 
18nl'41 Conh,w,,tal A*re« Hid os (Bp) 
London Wrate Health si 

86 * Bt (6141 

5 * (Vi 41 5ecurnles 54JPCPW 162 S 42 
Swwiwii Wlw 77 

®SrJto «^^<8p)z6 7 . 

55?ri^ l i «' ,J0 ‘ 190 

OMWta (10p> 160. New (100) 1GZ 
^V^S* 6 b ™ tl CrB H0W-2S*i OS <2 h 

PaeWleW Foundries rspi 12 (14.'4) 

PKt Petroleum (£ 1 ) 95 ft 
Runup Mokdinm B51 "nt . 

Rel lint Motor (5w TO 1 

413*4* N °^ n CamBlrt * p Svu r '®»» £2 
Sexon Oil (SOol (12i;o Pdl 30 6 7 (14 4) 
Scan Data I ntnl ( 10 p) 93 
SehscTv (TOPI 45 6 

Southwest Consolidated Resources (10 p) 

Soverelon Oil & Gas 288 93 (14‘41 
Stamrlco ( 10 p> £9 - 

TefevWmv South ( 10 p) 42 >h (14M) • 

'Uttr ServKO not.) TOO (8/4> 
■ J — modi 3S7 • 

Olstribvtors ( 21 >p) 40 

M 444 ) 

(Jutted Eleetiwrie Hfdgs. «Opl 3»h 1 3 
Webber Electro Components n 2 J ao> ITO 
Turk Mount Grp. (lOpi 66 
ZvflSJ Omani lo (So) 50 (1SM1 

RULE 163 (1) (e) 
Bargains marked in securities 
which are qnoteir or listed on an 
Overseas Stock Exrhange. 

AMt 634 S,J 

iW,K t5 “ o “ 

Anglo Uid Development 37 n 444) 

Argo Invest 93 

‘ losy Gold Minina 3U «r (BI4) 

. _.iton Mining 60 
ASSOC Manoanesc Mines of SA £39 
Australian Cons Mips 14* 14 15 

59 61 2 (614, 

Baalc Res 1 ml 134 

Batu Kawan Berhad 8 (514) 

Beach Pot 28 

Buiuntal Tin Dredslns (Berhad) 165 5 

land Coro Ml 
Bora I 153 

Boiigainvill. 

Bow vallev 7 
Brambles Ind 122 414/4) 

Bridge Dll 160 >14(4) 

Brunswick Oil 14 

Buktt Sembawang Etta 94 7 (14/4, 

c l£lg£$2foo 

f,s,4> ' 

Castlemaine Toodevi 190 (14(4, 

Central Norseman 245 
Central Paaftc Min* 35 7 
Chair lot' Res 125 <13>4i 
Cheunp Kong 154 
cltiei Service £19 n3l4) 

Claremont Pet (ASO.25) 49 < 2 * 6 7 8 

8 : W. (A10.20) 43® 

Clufl 611 Australia 27 
Coles 4 G. J.) 124 (1414) 

Cones Australia 2 '? 35164 


Coitus Paclftc 
Denison MlIHU. 9S0 

^WEBFTh?* 03,41 

Double Cagle 41 9 04/4) 

Du Pont (E. 1.1 de Nemours £ 20 ij (IMl 

198 

Eagle Carp 171, 

Emerson Electric £27*s (13(41 


Endeevour Res 15 16 
Esneranee Mins 10 (13(41 
Euracan Ventnras 44 (B/4) 
enon Cora US 12 BN 1 
Falmouth Pets 65 (14/4) 

as* ‘ sb " 4 ,i4w 

fSBSu 1 an «» ®» - 1 **■ •* o.«w 

Genoa 011 65 B 
Georgia -Pseihe 7B0 f14l4, - 

Gold Mines Kalgporlte (Auso ZOO 
Great^iern Mines Eh® 9 

Hartogen Energy 105 
Hew loa Packard tzai- 9>i 
Hiohveie 1 Sleer IBS (8/4) 

Hin SO Gold Mines 17 IB (1414) 

Hill Mins 7 HAia, 

Hitachi 138* i8(4) ■ - 

Bganasi 3,0 

Hong Kong and Kowloon wharf tfZ* 

Hong Kong Land 66 ii 7 
Hung Kong Tclcpbona 285 (1314) 

Hooter Cora 61 

Hotmtal Co Of America USSSI'i 
Kurthison Whampoa 140 1 2 
imperial Oil a Cony £H w 
ICI Amt 85 

Inland Natural Gaa BID <1314) 

I ntnl Mining 14 M4/« 

I ntnl Pat 133 S B 

! inline Matheson 1604 60 1 2 3 4US. 
•■Vine Secs 1204 (6/4) 

Imberlana Mins 12 03/41 - 
phnKin and Jhonson £21 >* 

K^eSener E £S(d 7l £ihiina 73* 

Ldchardt Expln 13 
Leonard OH 5 -H4/4) 

MIM Hid gc IBS 6 7 8 
Madison FuntlSlZi: (13/4) 

Magnet Metals 5 rftMl 

Malaysian Plants 47 B 9 (1314) _ . . • 

^ ¥ «**' 

Metramar *Mli» 1 T 9 ® 

Mid Ean Mina SU S 
MlncftHas Ecpi 5 > (8/4) 

Minnesota Mfiilng U&V5314 fB/47 • 
Monarch Pets 6(14/4) ’ - 

Moonle OH 65 6 S 
Moore Cora £35h (B/4) 

Mount Cirri noton 12 
Myer Epiporhim 7S (14(4) 

Negri Rhmr 16 (1414) 


NKkclorr 11 1 2>? 13 (13(4) 

Noranda Mines 775 (14141 
North Flinders IB 20 5 (14/4) 

Northaro Mining tAtO .30 pa) 190 H4I4) 
Oakwood ind Pets B>t« H4|4J 
onshore Oil ^*>0. IOi 11 (, 

Oil Search ON ID 
Oriental Pet? B Din 
Otter Evol 37 '1 

HaSrWSiW& w 

KncomnenuV Mining 95 
Pancontjnental Pet 22® 2 -z (14/^) 


Pancoi 

PeKo-' 

Pen Contra 


Oms 11 n )|4) 
"90 Z 
sidy 


Peosieo £22 1« n£i4) 

Petraftna SA C55'< (14/4) 

Pheloi Dodge £13>< H3/4) 

Pioneer Core me 778 (14/4) 

Plttaioo U'i 

PosoSdon 970 5 7 11; l>t 
Prtrtea SB 108 rtS/41 
Ravttwoq US'S. 35 |13'4) - 

Reef 011 87 (13/4) 

Pennies Cons 187 >i (B/4) - 
RovmTSturgec Mining 1560 (514) 
tASOL KOI 3 
Santos 2704) 

Scertre Rer 280 S N4/4) 

Seagull Pipeline 375 
Srlangpr Coconuts 61 H 2 
SeHnnt Z 70 
Shacklrran Pet 12 
$hell Canada A 715 <B/d) 

Sieloh (H. CJ 43 (8'Ai 
Soul li African Mara*':*'* 115 19 . 
Crurfhnrn Paclhc Pets. 13 14 15 
Soarge 12 

Sl an dard Oil of Califernia US) 30’. i 
114.4) 

sr^nriarH Oll of Indiana USS41 (i (13/4) 
S'rata 011 24 fB/4t- 
Mmta-Oil Oottpn*. S <1 >14'4I 
Sturts Meadcw Preps. 4B (14141 
Sun Huno Kal Prom. B2 mis) 

Swan Resource* 27^® <14/41 - - 

Swire Paeihe A 105 I- S i- 
Swire- Prom.. 61 2 ■; 3 

Target Fets. (AlO.15 ud.i 11^.12 


MONEY MARKETS 

- -Loadoa -clearing bank base 
lending rate 13 per cent 
fstnre March 12 ) 

The Bank of England gave 
assistance of . f B 14 ra to meet a 
shortage of credit in the London 
money market yesterday. In '‘he 
morning it bought Ji 684 m of bills, 
■comprising £ 17 m of eligible bank 
bills in band 1 {up to 14 days) 
at 131 - 13 ) per cent and in band 2 
( 15-33 days) 1220 m at lS-lSA 
per cent In bapd 3 ( 34-63 days), 
it boucht £lSro of Treasury hills 
and £ 14 m of local authority hills 
all at 121 per cent and £U 2 m 
of eligible bank-bills at,] 2 i -13 
per cent In hand 4 ( 64-84 days) 
it bought £ 203 m of eligible hank 
bills at 1218 - 13 * per cent 
Further assistance was given in 


the afternoon when the Bank 
bought £ 30 m of eligible bank 
bills in hand 4 at 12 ( 8-13 per 
cent. The Bank gave a forecast 
ol a shortage of £ 600 ni ~ with, 
factors affecting the market 
including bills maturing in 
official, bands — 1445 m, Exche- 
quer transactions — £ 20 m and a 
rise in the note circulation of 
£ 170 m. 

The market's reluctance to 
take on long paper was reflected 
iii the results of the weekly 
Treasury bill tender \dieo the 
Bank plotted only £ 60 m of the 
£ 100 m of Treasury bilk on offer. 
Applications at all levels totalled 
£ 255 . 75 m. This nit-off also had 
the effect of keeping interest 
rates- from rising too high. 


THE POUND SPOT AND FORWARD 


April Iff 


Oet'b 

•praad 


Clow 


Om month. 


U 9. 1.7S50-1.76S0 

Canada Zl«0-fc1S* 

Nut fUnd. 4 . 7 t»H.» 

Belgium fl0.40-a0.90 
Denmark 14.4S-14.80- 
Inland 1-Z3OM.Z360 
W. Gar. 4.2S-4H4 
Portugal 126.TO-12B.00 
Spam 1l7.40-1fl8.Z0 
Italy 2.341-2.3® 

Norway 1Q.74-10.B0 
Franca 11.07.11.12, 

Swmdnn lO.BOVtOSVi 10.50-TO.51 
Japan 43AA38 43S-437 

Austin 29 90- 30 OS 29.97J0.0Z 
Switz 3.4V r 3.49< t d.WrS/W, 


1 . 7805 - 1 .7615 0 . 28 - 0 , 38 c dig 
2 . 148 S-Z.-M 96 0 J 6 - 0 . 45 C dt» 
4 . 72 >r 4 73 >» ZV-l^c pm 
flO. 50 - 80.60 . 20 - 36 cdi* 
14 , 46 » r 14 . 47 *, 7 VW.IHV *8 
1 . 2335 - 1.2350 0 . 6 Z- 0 . 7 «p dig 
4 . 2 SV- 427 3 * 1 Vbpf pm 

127 ^ 0 - 128.50 160 - 380 c«UB 
187 . 05 - 188.00 ' 70 - 100 C dia 

M48»^Z.360>, 18-21 lira dla 

10 . 77 V 10 . 7 a>, 5 *t- 8 V,ro dl* 


% Thraa 
"T».a. morTtha 

-T3S 0 . 78 - 028 dlr 


% 

P-»- 


EXCHANGE5 AND BULLION 

Rumours of new peace pro- 
posals to the Falkland Islands 
crisis pushed sterling firmer in 
the last hour of trading yester- 
day. Buriness lor the test of the 
day had hen distinctly quiet The 
dollar showed -littie change with 
the market awaiting U.S. money 
supply ' figures. This week’s 
figures are expected to reflect 
the beginning of the April 
“bulge’* in money supply 
growth. ' 

Sterling traded between 
$ 1.7550 and $ 1.7575 until late 
afternoon when it touched a 
peak of $ 1.7650 before closing 

GOLD 

* April 16 


at $ 1 . 7605 - 1 . 7615 , a fall of just 
IQ points. Its trade-weighted 
index rose to 903 from 89 . 9 . 
having stood at 90.0 at noon and 
the opening. Against the D-Mark 
-it slipned to DM 4 - 2 fi 7'5 from 
DM 4.2725 and SwFr 3 . 4 S from 
SwFr 3 . 4825 . Tt was unchanged 
against the French franc at 
FFr 11 . 0950 . The dollar closed 
at DM 2.4215 from DM 2.4235 and 
SwFr 1.9760 from SwFr 1 . 9750 . 
Against the yen it fell to Y 247.7 
from Y 248.25 and the dollar’s 
index fell from 116.5 to 116 . 3 . 

Gold fell Sj an ounce in very 
quiet trading to close at S 3 B 2 - 
$ 363 . 


April 15 


11 . 08 * 11.10 


G- 8 c din 
Vwn p>n-p»r 
2.45-2.25/ pm 
13-9qro pm 
Z'rlU pm 

Bn l*i i an ran u for convirtihla Iranc#. Financial banc 89 K-89 _45. 
Sta-momh foiwnrd dolls/- 1.35-1.458 di». 12-month 2.10-Z.2SC difi. 


-rZja 1 . 10-1 JOdi* 
5.07 pm ' 

- 4.10 75-85 di* 
- 5.43 17 - 18 *. dM 
— 8.61 1 . 81 - 1 - 93 d Is 
4,22 S*i- 4 Vpm 
- 25.31 780 - 890 di* 
- 5.43 165-240 dts 
- 9.86 57-82 dis - 
- 6.82 BV 8 *i dla 
- 8.11 Z 2-25 db 
0.43 2 *. -IV pm 
6.46 7 . 45 - 7.25 pm 
4.40 37-29 pm 
8 . 0 S 7 V 7 pm 


- 1.88 

- 2.14 

5.33 
- 4.22 
- 4 J 8 
- 8.08 

4.57 

- 27.68 

- 4.63 

10.13 

- 3-32 

-847 

0.83 

8.73 

4.40 

8.33 


ClOtn ...... :F363-5B3 

Opening*.. _.S76G-566 

Morning fixing ->* 665.75 
Aftamoon fixing, S 3 62.75 


Knigamuid^ 18573 U 578 U 

1/2 Kru 0 «rr 8 nd...,> 192 - 1 B 3 
li 4 Krugorrgnd.. . 1 * 88.09 
lil* Krugerrand ;S 40 A 1 

MapleieaC B 573 U- 3731 i 

New Soverelgng., 887 b 88 i« 
King Soverelgna * 101-102 

Vlotorla Sow 8101-102 

French 20 »™ SBl-BI 

60 pesos M*Xlco'S 44 M 49 
100 Cor. Austria. 855113-354 
520 Eagles _!S 445-450 


Gold Bullion (fine ounoei 

(£20511-20554) -5368 5«- 565 5) 
(£2071^208/ *364366 

(£206.794) *362.50 

(£206.342/ S565A5 

Gold Coins 

(£211U-211b) S373U 374U 
(£109 190*3) S192l;-1951g 

(£6512.56 >4> S9B-99 

i£2ZV23Ui 540^1 
tfailU-Bllb) * 37314-37414 
(£4954 501 S87b-6B*4 

(£57 >4- 57 H) 5102 ig- 1051g 
(£57i«-57'si SI02I;-105 Ip 

(£4661l t i 58191 

(£25314-2 54V S448':-45H; 
(£19913-201. 8352)7-555 

(£25213-2551;) S44QA55 


,<£ 2061 ;- 207 » 

(£ 207 - 2071 b) 

(£ 206.0601 

(£ 206 . 921 ) 


(£ 212-2 12 h 
(St 10914-110 
f£65V56V 
(£ 2214 - 2514 ) 
(£212-21214) 
(£49 'i-50 >4} 
(£5813-59) 
(£581?- 50 1 
(£46-51 lil 
(£254 1-1-255 la l 
i£200U-201V 
(£255-257 U 


EXCHANGE CROSS RATES 


' Apr! 16 

Pound St’rftng 

_UJL Dollar 

D 4 utsoham‘k 

Japan’anYen 

FrenchFranc 

SwlM Franc 

’Dutch Guild’ 

Italian Lira .Canadia Dollar Belgian Franc 

Found Sterling • 

US. Dollar 

1 

OJfiB 

1.761 

1 . 

4.268 

2.423 

436.6 

247.9 

11.095 

6.300 

3.480 

1,076 

4,730 

2.686 

2350 . 

1334 . 

2.149 

L 220 

80.55 

45.74 

tMutsehnmark 
Japannt* Ynn 1.000 

0 JM 4 
. 2.29 X 

0.413 

4.034 

' 1 . 

9,777 

102.3 ' 
1000 . 

2.600 

26.42 

• 0.815 
1J&1S 

1 . 10 B 

10.84 

650.6 

63 B 3 . 

0.504 

4.923 

1838 

164.5 

Frenoti Franc JO 
SwfasFrane 

0.001 
. . 0.287 

1 J 8 T 

0.606 

3 .B 46 

1.226 

393.4 

125.4 

10 . 

3.188 

3.137 

1 . 

4 J 863 

1.359 

2118 . 

675.1 

1.937 

0.818 

72.60 

23.15 

Dutch Guilder _ 
ItaHan-Ufa 1,000 

0.211 
- 0.488 - - 

0.372 

0.750 

0 .B 02 
. 1.816 . 

92 J 38 

186.8 

3.346 

4.722 

0.736 

1.481 

[ *■ 

2.013 - 

496.7 

1000 . 

0.454 

OJ )15 

17.05 

34^8 

Canadian Do Hnr • 

Belgian Fra no 100 

_ 0.466 
1.241 

0.819 . 
2.186 

1.086 

5 Jt 98 

203.1 

541.9 

5.165 

13.77 

1.619 

4.320 

. 2.201 
HrfilZ 

1093 . 

2917 . 

1 . 

2.668 

37.48 

100 . 


EURO-CURRENCY INTEREST RATES (Market closing Rates) 


April 16 


Slsi-Uns 


U. 8 . 

Dollar 


Canadian ; Dutch 
Dollar Guilder 


Swiss 

Franc 


Short term 

7 days' notice .. 

Month 

Three months. 

Wx months 

One Year 


15 - 13 U 

13'4-15is 

IBb-ia* 

15 7*- 14 

13 «- 14 * 

l«i«rr 


1814-15*3 ! 15ls I4ifi 
151:1514 I 1312 - 141 ? 
IBJe-lSH* : ISH-lSb 
isa?-i 6 SB 1514 -iBiB 
. isas-iose ; i6’-(s-16ia 

I 181 r- 15 Jb ; 16 ir- 16 rs 


an -a 54 

814-8,3 

BA- 81 V 

8 *« a\ 

stf-ea 


254 - 4*4 
3 - 31 a 
413-413 
SA- 5 A 
8 B»- 5 i« 
Brfc 5 A 


D-mark 


Frenoh 

Franc 


Italian 

Lira 


Belgian Franc 
Com/. Fin. 


Yen 


Danish 

Krone 


9 < 4 - 9 Ib 
B14-9SS 
9 A'»A 
**■»* 
8 ™ 9 A 
Brs- 9 ifc 


I6,a-18 
: 18-20 
20 U-2154 
| 21V225, 
• 20 V 2 U 4 
! 1913-2013 


18-21 
191 a- 221 r 
225 ( 24 54 
257 a- 247 | 
235 b -24 Ss 
23 U- 24 I| 


1445 
1 15 >s -18 
17-19 
1 175 4 -lBij 
17-18 
I 16-17 


13 > e -14 

1414141 s 

14 S*- 147 * 

1453-1470 

14 V 147 s 

1438 - 14 TJ 


6 l?- 6 b 

6 ri- 7 re 

7 - 7,8 

6 ib -7 

6 H- 6 t 5 


ZOls -22 
2070-22 !g 
20 Sfl- 22 ls 
20 ia- 21 -i 

19 U -2054 
17 , ?-19 


ens I.^vj one month 73V,* per cent: throe months 13*4-16*1 por cf/it: six monUis US- 14 per cent.- one year per ceni."" 

UP riMeltr CKHI 'month WSi-IA'u psr cent: three months pw cans: si* mpnthg 14 *u-14Uk per eent: one yesr 13VT4 per cent 

BSJM&5TSS1 

^Th^X<| r iI^ 9 ^tm ,, v^ U qSotS^^SlJdon l Vo«M , ’Mnfl«l^orK^G cnmIIa iri 6 -"s!s ' per eenU rhrea months 15.CS-15.15 par cent: six months 

15.OtM5.10 psr csm: one year M.95-,15 05 per cunt. 

FT LONDON INTERBANK FIXING ( 1 1 . 00 . a.m. APRIL 16 ) . 


3 months U.S. dollars 


UdlBliB {offer 18 W 


6 months U J. dollars 


bid 15 W* : offer 15 5/8 


The fixing rates era tha srfthmeticaJ me a ns, roundsd to the naeiest oos-sbeteenth. 
of the bid and offered rates for SlOm quoted by tha market to {hra reference banks 
at fi am each working day. Tha banks am Nstiepsl Westminster Bank, Bank of 
. Tokyo. Deutsche Bank. Bsnque Nationals da Paris end Morgen Guaranty Trust. 


27 


- Teek Cpn. B 543 S 
Texas o/l aim G 11 £1S-'i 
T imor Oil 3HO 1- 
Tranl World US321% 

Trl-CDMlwntsI cgi. 

U miner NV (FI JOi £32.80 
UM. Ovsrse»t Bank 101 fi ( 1 5 : 4 ) 

■ Utd. Plantations. 157 C141« 

Valiant Consd. 5 Si- 7 H3,d) 

-Vamgas 3b00 (14/4) 

Village Main B«i Gain Mng. EG 70 (8/41 
Vuttan MIIU.-4FO (8/4) - 
■Wsrrior Rra. M 5 i,4.4» 

West Coast Ttaits. 575 ri4.-4) 
western Union usesi 1 S/ 4 ) 

Wcifert Pei. JSo (a ai 
W rating ho use Flan. £!4U' 

Whcolock Martian A S5 
■wiNnriock Maritime (ntnl. u 
Whccteck Maritime & 5 ( 13,41 
Whbu Creek Cons. 23 
Woods! Ct Pets. 431.-0 51 .® ij 
Weolwmtk A 305 (14.4) 
world nu. 2 s 

York RMOi/rcet 29 j ) w ; 30 a.j 

RULE 163 (2) (a) 

Applications granted Cor specific 
bargains in securities not listed 
on any Stock Exchange. 

'AmpMon Tm. 92 4 
Amphlon Tst. Pfd. 104 6 
Assoc. Hotels 105 

MB CS.A.1 1 IpcZndPf. 95 1 , fs/4) 

Brhrt Inw. 248 50 (,3(4> 

Cannon St- lnv. 9 11 
Casdotpwn Brewny Z82 7 
Central £huk>ft>ent B 340 2 (814) 

Chinch Army Hag. Sue. Z'-dcLu. £12 Jj 
(8/4) 

Dnbonh Services 60 

Dundee (Ana us> Ice Rk. 42S (0/4) 

FI Wirt Soares 240 Z«j (13/41 

GJbbs (M.7 240 4 

GRA Prep. 1 Tst. 171; 4> su I, 

Home Brewery 650 5 (13/4) 
ldeof Man ASSOC- Inv. 7pcPf. Bp 70 
JavsUn -Eoulty Tst- 165 8 
Jennings Bros: 135 fi (14/4) 

KrrCIty Props. 501 M31AI 
Le Riches stores 253 5 8 4D 114/4) 
Ur e n m o l FC Athletic Crriw £2 305 C14V41 
Manchester Utd. FC I To 5 rfi/ 4 . 
Manalaganu Rubber 27>; IE:4) 

NstTonwlde Leisure 9 ; 1 1 (8/4) 
nmw Com outers 123 G 9 
PMPA I race. 38 (14/41 

Pentiow 05 
Ringers FC £17 r8.4) 

RDut/edoe and Kegan Paul 4.2ncPf. 310 
5ticmon sec. tnmi. Itu Z'i 11414 ) 

Sinclair (Wm.1 50 (I3‘4i 
Soirtt-epi Nem oaners ,54 6 (13 4) 

5 center « Isaac) 65 (Br4, 

SPO Minerals 13 

SUr Olhxan SendcM 441 7 50 ’k 

.Star OOsnora .Services lOncCnv. £95 Oj; 

3M UK dSncPT. 4V 
Trident TV 87 

Twin Jock iSncLri. 1976-99 £73 4 
v.mers Hotel 210 
•Vllllcrs Hnt e/ 7peW. 52 
Wgaahbc A (Nen.vtg.> 77 H4>4) 
Wolverhampron Racecourse 693 705 

RULE 163 (3) 

Dealings for approved companies 
engaged solely in mineral 

exploration. 

American Oil Field Systems 104 fi 6 
Aran Ener?v (1r£D-20) 16 8 
Atlantic Resources (lf£0.25i 148 
Berkeley Exploration and Production 245 
9 U 7 

Caledonian Offshore 95 

Energy Sources (N. Ireland) B S (14/4) 

Gaelic Oil fir£0.20) 95 

Marines Petroleum 92 3 5 100 

Moray- Firth Exnkratian (SDp Paid) 2S 

O sorry Petroleum 60 

Steatu Roman (British) 35 (14-41 

Steauo Romana (British) Dfd. 35 *14 4i 

Sun Oil (UK1 OH Royalty Stk. 140 

f By permission at r he Stock 
Exchange Council) 


FT UNIT TRUST INFORMATION SERVICE 


Abtay Udt TsL Mngn. (a> 
72«1 GatetauM RcL, 



AUTHORISED TRUSTS 


LONDON MONEY RATES 



CURRENCY MOVEMENTS i 


) Bank «f - Morgnn 
April 16 England Guaranty 
■ Index Changes^ 


Loeol 8 inmirW snd nmiKB homos smn. days' ooik». <n«tn w»w d«y«J«>d m “ r, JK 2 ! 


fotaa nnmi'nafiv three yui* 141 oar cant: tour yearn 1 *V (« r =en»: ^ Mb.rtF CBBl - * Bank W *n ittHo 

KrSW WdE Buying f«rs for lour-momlv i«nk billa 13 V 13 por cent; four month* trad* Ml. 

■■>!/ng mn ter one month Treasury MU 1 W|% nwcont: two montfis 12 V t 3 H . P* «m ithrao monihi 
ol rtal ranV tomwww* *rilmq rats ter on* month bank tails 13 - 13 V. P« com: two months 13 V 13 -V pw coni 
&SJT £i.WS!r%r US SS month nriff br«* p.r csnu-tvuo months 13 V por cHs-ttm momhs 

1 % pSl^T , Vtoaeaa Baa Refer fpttblitherf by tho Finance House* Anochfon) M,pir«*,liw to/d l.i®. Ctoarlng 
*J; h S£*£Z ‘iTaSra!^^ “*»’ “ : Ch - rina Bwk Ratas for tomluig 13 por bbrl 

6 0 i srSaV'fSS tom March' 3 . : Dttfosita wUhdiBwnlor cash 11 j»f cent . 


Starling..— 

00.3 

-S 3.3 

U 3 . dollar- — 

116.5 

+ 8.3 

Canadian dollar 

89.0 

- 17.6 

Austrian pchilfing. 

116.3 

-rZSJi 

Belgian franc. . 

Danish kroner.,.,.. 

94.7 

- 2.1 

85.1 

— 1 S.B 

Deutsche mark 

125.0 



150.3 

- 101.8 

Guilder re-. 

114.0 

+ 21,4 

French franc.. — .. . 

78.8 

- 15.1 


53,9 

- 53.4 

Yen..- 

134,0 

- 28.1 


Worldwide Bond 

Iitt. Trf. Fd..____. 

EquttB Proj. 

Allen Harvey 4 Ron Unft- Tst. Mngn. ' 
49, CoreMfl, London EC3V 3PB. 014236314. 
AHR Gift Trust |70J 95.0J *0J| 1278 

Med Hunhro Ltd. fa) (g) 


Craigmannt Unit Tst Mgn. Ud. 
.BucldenbuPL London EC4N8BD. 

High fncBmr 



Kfelnwort Benson daft Managers 

20, Fanehgrdl SU EC3 01-623S0TO 


mgM 


■m 

WaaMRgtno o ci *aow»it P i ramb a c WL 
Bank e< England India (bana mnflB 
T97S-10P}. 



1 Hlgb 1 l 

Recovery 

GlItTntt 

_ *WteWy drahng d a» Wedoratay. 

Cmcant llnft Tst. Mngn. Ud. d)ig) 
4MeMUaCras,E(Uniaagh3 031-Z263492 
Civs. American 


K.B. Umt Fd. Inc. , 

ICRUnUFAAe 

K.B. Fd. lm.Tra._L-- 
K.B.Fd,ln.TsLA«k_(90.0 

HEsaKsaasz** 

KB HRnVH.Fd.liR. 
KBJHigtiYIdJkcc 



- 1-21 


QmRer Management Bo. Ltd. 

31-45 Gmhora Siren ECZ 01-6004177 

CuKfrant Gro. Fd..._. 11670 
uadru Inane - . . fl3L7 

Sndraat Skawry 1 

nuakennk nckli'ii j • ■ • 1 ^ V. a Mri* 

Reliance UMt Mon. Ltd. ' 

RHIunce Hse v Tunhndoe We Hi, KL 

Brllrth Ufp „._ A£ 1 

BlBaloocnf* Si 

EL Dtttdm* ® : 





LAC Unit Trust Management Lid* 

Tke Slock Exchange, London EC2N 1H4 5582900 

ffil ZtiteM SHSftlS 

Legal & General (Uritt-Tst, Mngra.) Ltd. 
5 Rayleigh RA, Brentwood 0277537238 

EfymyDB- HU. -M Jg 


jTs.fAcs.K. - 

SeWorile T«. lot .....fta _ 

* FTicn AgrM M. Next doAng 
Ridgefield Management Ltd. 
1 fmSazy Sl, EC2A 1PD 

income UT 

Intnuotiocal OT 



i&i +oi 


Unit Trust Mngt. Ud. 

Bridge tiaeber, Banatmta, Dtwp 0271 76324 
rad Perf. Unit TiL|2ZJ 2S-QM — I 6 JU 

m — m !i w — . ti.n.m.. Leonine Altai InbtiaUon L t d. 

»^N^r EX3M 1NU. 01-5384485 ' 

Dfac.Utfiprfll6_.p557 ZTifl-16-SI 5 01 SgBg g " 11 " 0 pSS 

Dunbar Unit Trast Hmagen Ltd. 

53> Pad Mod, Loadua SW15JH. 01-990Z1Z2 


01-5236124. 

:=:i IS 


01-5686906 

RotfcschU Asset Mmagemtfit (a) <g) (z) 
7280, Sartouse Rtf, Aytatuv. 

N.c. EagyAK Tu 04*9 

NX. liSar Fd 058.4 

HX. America (lncj_| 

KXL AewrirajAcciZ 
NX. SuaOer 

Rtnran Unft Trie* MngL (a) 

Cify Gcm Hse, Flmbwr 5a, EC2. 

American.' 

Seantrias 

ifiniMi 



01 -6061066 


E. If. Winchester Fbmf Mngt. Ltd. BiMw tn~ 

44 , BbMMntmy Svare, WQA 2 RA 01-6238893 | 

~ I 7 tt Extra Income 

.._j 339 Do. (.learnt.) 

Income. 

Equity * Law Un. Tr. M. (a) (b). (e) SS-feS“(J; 
Amentum Rd* High Wycombe. M94 XB77 Jg;Sg!5l5b™- 


_ Lloyds Bk. Unit TsL Mngn. Ltd. (a) 

is Msi* 

T7fr.fi 

m 2 



lAccuni. ungsi — 
Fhrd I 


Baftmeed 

Do, (ACM., . 


OTHER CURRENCIES 


EMS EUROPEAN CURRENCY UNIT RATES 


April 16 


ECU 

bantraf 


Cuflwey 
amou rrtB 
ngalMt ECU 
April 16 


•4 change 
from 
central 
rate 


% . 

xtQustsd far 
dlvergmce 


Dhra iga tff re 
limit % 


Belgian Franc 44. 6363 4LZ529 

Dim.h Kren* ... . 8.18381 .8.12051 

German D-Mark 1 . 4181 & JLttOM 

French Franc ... I. 136U 8-22623 

Dutch GuUdar ... 2.H7296 2.B6B51 

imh hum 0 *86799 0.692502 

Italian Lira. 1305.13 •• 13l®A1 

Onugae ara iqr ECU. ifaaraiora posltwe change denote* a 
weak currency. Adiusinieiit calculated by Financial Ti(iH», 
SferiingVECU ritt-tef* April 16 . .. - 0.8B1968 


+ 1 JfS 

+ 1.25 

£ 1.5400 

- 0.77 

-0J7 

“ 1 . 642 B 

-098 

— 0.98 

* 1 . 1097 : 

+ 0 .M 

+0 63 

+ 1-3743 

- 0.62 

-0 62 

+ 1-5069 

+ 0.83 

- + 0.83 

± 1.6689 

+ 0.90 

+ 0.90 . 

± 4:1242 


£ 

Nat* Rates 


Argentina Peeo_J 80 .Ul- 8 Q» 591 t 11 . 65 ail. 700 t 

Australia DolianJ 

Brazil Cruzeiro.,., 

Finland Markka-! 


1 . 5815 - 1.6035 0 * 5400.9545 Belplnw 

268 . 83 - 869 . 03 ^ 1 S 2 . 43 - 153.19 [Denmark :t 

5. 173 A. 186 1 4 . 6 * 404 . 6460 ; Franca. . 

Greek Draohma^] U 8 .imLm r <N I 63.20 55.70 : Com-rwy-.. 

Hong Kong DoIIarl 0 ^ 37 )i l 0 , 3 SJ| ■ 5 . 8500 -S.BS 50 Italy . H . 

(ran RlaL...'..- i 146 ^ 0 ’ 82 . 79 - Japan : 

KuwBltDfnardCDT 0.902 Q.GOB 10 , 2874 - 0.2878 N«theriande_..v. 

LuxambourgFr...: SO JO - 80.60 -j 43 . 72 - 45.74 Norway . . . 

Malaysia Dollar.. ,| 4 . 1565 - 4 . 1 665 1 3 . 35903^610 Portugal • 

New Zealand Dfr.j 2 . 5 l 0 OZJi 40 . 1 . 3100 - 1.5110 Spain 

Saudi Arab. Wyalj SJO ^.05 ; 9 . 4505 iA 325 Sweden-. 

Slnsapore Dollar J 3 .T 84 LJ 0 2 . 1515^.1535 Swltxartami 

. 8 th Jkfrloan Itandl 1 . 8520 - 1.8830 J 1 . 0575 - 1 JtSBQ : Unltad States^. . 
UJLE. Dirham *.! 6 . 414.47 , 3 . 6710 - 3.6740 Yugoatavijfc_; 



t Now one rate. * SeVieg m. 


Income Exmnpt- 

Fkr Eod Eacmpt 

5naU«r Co. EwfMK- 
UJLA." 1 

Aadersaa Dolt Trust Mimgui Ud. 

bZ, London Wolf, EC2R 7PQ 014381200 

AnUonec U.T__ |M.4 HJd| j 5J» 

Amtacher UnK Mgrat. Co. Ltd. 

L NoWe S l, EC2V 7JA. 01-7264931 

m-m 

Anthony HWtr Unit Tit MgnL Ud. 

19, WWrgste Sc, Loodm. d 7HP. 01-247 8827 

ArtwUmot Securities Ltd. (a)(c) 

37, Queen SL,Undon.EC4RlBY. 01-2365281 


Great Wk^wstfr_B 0-9 
GLWtadwMrO'Sni^l 



VXGwUhTd. 

UKGwth.Trt.hx.-. 

Hlgher Inc. TSL Aec. 

Htahor lac. Tsl Inc... 

GlE/FwLlHLTrtJWx. 1 
GUts/FnLlfiLTrt. lac . 

NthJUntrica TrtJicb' 

Far East Tb. Acs 
G emmUTn. 

FUeffty International Ifnagamt Ltd. 
20, Afadwrcti Line. Londm EC4N 7 At. 2839911 

SSEll!^ _ 

UtA^dM.. 


CrMthfi Income ^ 


0-53 


M * 


o. (Ara 
... American £ Gen.jC8 j 

Do. (Accuml 1 

Snwli Cos. & Rrcy.».J! 

Do. (/ 


Lloyd’s Life UnK Tst. Mngra. Ltd. 

2, Su Mary Ah, EC3A BBP. 01423 6114 

EqidtyAccun. IZ)—.PS0£ 295 4 i 3.93 




Hltftlnt 
Royal LNe Fd. Kgmt. Ltd. 

New Ha3 Plata, LnerpoDl LM3HS 051-227*422 

taSSnsriR 13 ^ = 

Royal Tst. Can. Fd. Mgn. Ltd. 

48-50, Caoaofl St, London EC4N 6LD (H-23& 60*4 

Capital Fund 11003 107/ 

Income Fund |76 ■ 


Mi* 



m * 

Jam a Finlay Unit Trast Mngt. Ltd. 
». 041-2041321 


Local Authorities’ Mutual ImmL Tit* 
__ 77, London -W? IT, EC2N 1DB. 01-568 1815 

mail ' 

Narrow Fd. Mcr 31. 1 7b SO 

‘Uiautkonsed. AroUaUe enb 


ui-atKuaia 
0.10 I ...I 6 .G 1 

1«5 I ...J 5.3 

1 60 I. 1 13 Z T 

p a Local Authorities. 


10 - 14 . West nie StrW. Stesgnr 

-0.1 — : J-FMaylnttniatl 
-0.1 248 Actual. IMb SL9 

-01 OO Actum, links U 3 

« dS 

Prites m fiprU fT itert deokag 


FraroOngton lMt MgL Ltd. (a) 

M, Lotdpa WWk, EC2M 5NQ, 01-6285381 



M & 6 Group (y)(c)(c) 

Three Quart, Tower Hin. EC3R 6EQ. 
Ameriom [721 77' 

S Attun. UmtsL — 79.2 85 

imericae Recowy-. 33.6 89. 

rota] 87.1 as, 

. 64.1 


(Action. Un _ 
AiKtralsslan. 


( Aetna . Units)- 

um m mndHy »»»»»■_>. 
(Aroint, lintel——. 


.. 678 

Mccml Ontel-^r BiS 

CoflvpQontf Growth. 


igspeaap 

(Octmitatkxi) — H*x 

WltrCe>MHla_KoS 


(AcamWlan) 

Archway ItaR Tst Mgs. Ltd.fsKc) 

317. High Moibaro, WC1V 7NL 01-631 6233 

“ 7 

MtwrigM Mweg—a I 

POrsanege Gdm, Mondmier 061-834 2332. 
ArkwrialtM fieri U.H8U 109.7| 4 U3 

Bardoyt IMcern Ltd. Co) (c Kg) 

Uuicein Ho. 252, tamford Rd, E7. 01-5345544 

llokpra fimeia 

Do.Aua.Acc. 



‘ «s nb= 


, nil 

Camnua Growth 1150 

Consmwn inaomc— /95 

DMdend- 1388 

fOcum. tines) 310.4 

European 589 

(tecum Units) M2 

Eirtra Yirid ..,,— B55 

148.9 
1056 


(tecum. UnitslZ 
FarT 


'Eastern , 


(Accum.- UnKs) 


Robert Freser Trast MgL Ltd. 

28b Atemarie Sc, W.l. 01-4933211 (tecum. Units L 

i- Jaa 


(tecum. Hurts, 

Fund of In* Tsts. . 

l tecum. Unrts)„.. 

Gilt Income _ 



RobL Fraser Ut- Tst. [ 70.4 754 J L 00 ‘ 

-Friends Fra*. Trust Managers (aKbKc) 
Phtani EmC Doriring. Tel. 885055 

FrtartbPray.Orro.J^ 43 


t5L4 

tficow 7 Untel~;:Zi? 8 S .9 

Mfjnpn 


Do. Income Tirol 

Da Prf. A’ra. Tit „ 

Do. Reanerr _ 4 _ 

Do. Trustee Fund 
OaMridwidtTsL 
BTst.laMtae... 

Da Income __ 

Baring Brothers & Ce. Ltd. 
B, BWwpsgm«,£C 2 »l 4 A£. 


Da Accan.. 

Funds in Coart* 

Futile Trastee, Ktagsway, WC2. 

G c ?SS^r l &rn:P , 

HMLYlaM April 11 
■tlMflth. RntrfcM to i 

6 .T. Unit Managers Ltd. 
16, HnshuryCbcm. EC2M 7DJ. 
C.T. Cop Income 
po-Acc. 

R 6 kWfc= 

GT.WM.BAFd.. 

6 .T. Japan A tea 
Gl Pens. Ex. RL._ 

fi.T. Ml FimI 

t.T. Far East A ten 

tvA Gth. Fd .fit, 


|Aaua. Untei-. _p400 


423 


IMM.. 

(Actum. 


. Unto) ‘ __ 

General 257. J 

»«p jfeftgsfef ill 

[Aixua. Units) 1372.0 


mi 


0302 


150 -&. 0 ) 

Wil 




mp4 

1924 -ai 
msk-\2 

S a <i .4 

g -1.6 
znA -2 1 


Price, en fiprti 15. Next deoUog 
Save & Prosper Granp 
«. Great Sl. Hcfero. London EC3f> 3EP 
68-73 Queen St, EdMwgh EH? 4NX 
Dealings tc. 01-154 8899 or 031-226 7351 

International Funds 

Capital. J455 

Select 

linn. Grsmrtn : 

lacroadm tocome I 

Htah-YieM 

Seint Income , 

HM tncome Fnoth 
Gift & Fad. Im. Inc... 

Htgfa Return 

iKOnte 

U.K. rente 
Gilt & Fad. Im. Grill.. 

UK Eanry _... 

Overseas Funds (i> 

Europe ... [78 7 

J.->aui 1107 1 

S.FAiia 1/30 

US [118.2 

Softer Fndi 

Cemnnditr [1086 

Energy. 1115 

Explombm Fuad (i). 7S R 

Fmtntlzl Secs. HIL2 

New 1 tdmhw D) _ *5.0 
Fhod-hiteratt Fntt la) ■ 

IntL 6ond Fd 159.8 64.14 -0.1] 227 


Erngt Income* _..... 1209 3 22091 ..:[■ Tfl t 

Exempt kid.* ]\fn5 34b« ... J IM ■ 

*Pncn at Amu la/Nm sa dm April 2SL j 

SnCWta Sacnridts Ud. 

ScMbte 147 5 

Scot wield 

Sc otshoi M— 

Schrader Unit Trust Managers Ud. 

48, 5«. Mariks Lane, WC2. DNhngs 0705 Z7733 
Coa rial [1MJ 

& i Untts) 218.8 

Fnd 749.5 

[lean. Units).- 4563 

tea 1CL2 1 

fteram. Units) W7 3 

Europe E.* 

(tecum. Umts) SB 

Smarter Cn.’s 159.4 

(Aearo. Umts) 160.4. 

. Aneriran 55.7 




jjteaim. UnltsV— 


SpochHsed 

Trustee 


(Aecuei.uirtc) 

uharibond April Id. 


G.T. Tedv 

- G.T. Etw pe ae Furi-.|95. 



.9 196. 

4 «9 


3 J 


713 

7.18 

13119 

S% 

JJOJ 


01-6288131 

' " 3 b 8 

If ManvUfe Management Ltd. 

L 2 D Sl.' George’s Way, Steveoage. 043856)01 

H^a is 



122.9M ... 


BMMpsgate F rag ra sshre Mgnrt. Cn. 

Stock Exchpoge. Loodbo, EC2N H13. 01-5886880 

fccUnto ’-MwzbziZL 
B’gotr lot. March 30. T 
ftecom.) UtrehSO-. 

|ljNkpim tou. CopuV, 



9 

l sab dw iffS af^SJrii 13riiSriih jrafinsL 

Bridge Fund Mme g sri OiKe) 

Regis Hse, tOnu Wltttim St, EC4. 01-6234951 


Ao>r.ln.t 

Income* 



+021 L46 


G. & A. Trust (a) (g) 

5 Royfet* (toad. Brentwood (0277)227300 
G-t A. : ^445.9 -ON .5.49 

Gartmorc Ftasd Managers ta)(g> 

2 SL Mny Axe, EC3A 88P 01-6236114 

Deal tog oriyt 01-623 

American Tnnt^^ " 

Aortrofion Tmtt 

Brttah Tsl (Acc.) 

BritU Da. fiNsL) 

Commodity Share. 

Extra Income TsL 

Far East Tnat 

Gm Trast 

High Income Tsl. — , 

Income Fund 

Ins. Agendet 

. & Grth. Exempt 


Mayflo wer Management Co. Ltd. 

14-18. Gresham SL, EC2V 7AU. 01-6068099 

sssn-fc® fSHqi 

IntL April 5 1 02 SS3 ...J 4.41 


MeAnaRy Fmd Management Ltd. 

Regis Hie., KtogWItoam St, EC4. 01-6234951 
Delphi lac. TsLAcc.. |35 9 ' 39! 

DripM ine.TiL lac — E4.7 27! 

Gton Fund Aa U054 Hit 

Glen Fwd Inc. [73-0 77.7 


Mercury Fond Managers Ltd. 
30. Gresham St, EC2F2EB 

6 


Britannia Gp. ef UnR Trusts Ltd. (a)(c)fg) 

SS 5 T&SS&& ** 

OK Spec lihcl Mi 
Assets 




SoecW 5to.Ta. 

UK Sol Co. Ak. Tool . 

Gevett (John) 

77 London HML EC2 
StocUaMen kbr. 3H 
Da Accum Uni(._^_( 
SL European Uw 3 lji 



01-6004555 
90 . 91-031 4.02 










IJ 1 - 0 J 1 


402 
7J2 
3.36 
3l36 
3 95 
3.95 


tn -588 5620 


MUtsnd Bank GeMp 
Unit Treat Mana gers Lbf. 

Cowjwoud Home, SOwr Street, Head. 

ShrffiefcL 5) 3RD. Tel: 0742 79842 


April 23. 


MrfM Drayton Rm 

Capital JS&J 

Do. Acc. W.7 

Commodity A Gen. „MJ 
do. tec.. Roeo 


Crimson Management Co. Ltd. 

59 Giesham S*reet, EC2P 20S 01-6064433 

BarrtogtoaJ 
(team, lln* 

W.H.Y.; 



Guardian Royal Ex Unft Mgn. Ltd. 

Roml Eachang*. EC3P SDK 01-6288011 

(ag>GunfldDTst — fOU. 1368 ) -OJJ 4 .« 

Henderson Administration (a) (b) (c) 

i ssuTbS?"’ 4 w ' #i ma 1 ® 

ILK. - 



Tqkje-.-.... , » 

(Acoan. Uote). [49.1 

Gift & Fixed («7.3 

(tecum. Units). 

Sram^5t*j“™;[434 
Stn$apore &-Milay „ 46.6 
f iS. Urat5)___ 46.6 
*P &CFd March 31.. 254J 
•Brewery April 13 ,.306.3 
•a^ctx April 13. .. 4766 

•Siro Ex April 18 [1143 , 

•For (m exempt hmh only. 

Scottish Amicable inv. Mngn. Ltd. 

750 St Vircent St, Glasgoo. 041-2482323 

EauKv Trust Acoxn.-tlC9.fc lUUf -0.4| 564 

Scottish EgaftsUe Fond Mgn. Ltd. • 

23 Sl Andrews Sg. Edmturgh 031-5569101 

InmneUhks H2J 66 Ad J S.« 

Acaso. Units po nteff J 5.40 

Drakng day Wrdrester ' 

Scottish Widows' Fund Management - 
P.0 Box90£ EiSnbiegh EH165BU 181^556000 
PepmTst April 16 [94.0 10L0[ -L4| — 

SIMCO Money Funds 

66, CanoM StreeL EC4N 6A£ 01-2361425 

SlkKOCallFiarir . nooji — 

SIMCO r-ftnrFcndtJMOO — ' 

SIMCD J Fd.(7 d»y)lT~ 

thonse«L— Cosh Deposit 

Stewart Dolt Tst Managers Ltt.(a) 

45, Charlotte So, Edinburgh. 031-2263271 

*■ 4 ** 

Krtthdrawai Units B 
•BriWsh C^riUi.. 

Acaon. Units _ 

••European Fund — R3.0 S9.3 . 

Deri, flues. & Fn. *We4 **Mon. & 

Son Affiance Fund Ma nag e in ent Ltd., 

Son Alliance Hse, Horsham. 040364141 

Swiss Life Pen. Tst. Man. Co. Ud.(aKc) 
9-12 Cheapside. London. EC2V6AL 01-236 3841 
Eawti Otst * ——^-.lf.171 76 U83a [ 5 04 

1 |d i 8 

FBedlnf.Acc.t KIM 60 l68^P| : J 1383 

•Pnces on fioni 10 Next deaflxg tin 12 
. tFrko ri April 7. Next deafitt May S. 
Target TsL Mngn. Ltd. (a) fg) 



31, Gresbom St, E.C2. 

Commodity r 

Enrrgy-— 

Fmaodal .. 



Dealings; 0296 5941 
6521 - 0.1 


Ex kOcTtST 

Foe Brithb Ufc B«n foo 

Brown Shipley & Co. Lid. Ca)(g) 
Harlaate Use, Haywarte Hth, Sc. 044448144 



■•wter Fund Mamgers Ltd. 

Mnuter Hm, Arthur SL, EC4R 9BH 01423 1050 

Mtorter March 29. --M6] 4S.J] J 7.37 

Exempt Mar 31 ffitt iSsj 7£6 

MLA Unit Trust Mn grant- Ltd. 

OU Owen Street, SW1A 9JG. 01-22Z-8177 

MLA Units 199.4 U43M .—4 3.63 

Murray Johnstone U.T. Mont (a) 

163, Hope Street, Glasgow, G22UH. 041-2Z1 $521 

Ifc^^FdrJ^ adB 

Next drefing Aprd 16. 

Mutual Daft Trust Managers (a)(g) 

Brood SL Are., BtomfieM St, EC2 01^38 3911-2 
Mutual Sec. Plus. — £0.0 ^>40 -D.fl 7.73 


Mutual Inc. Th 

Muttri Blue - • 
Mutual High 


816 


s ** s "S»:r-|S:S J.Uil IS 


Motional Praeideet bra. Mngra. Ltd. 

48, Groeedwrch SL, EC3P 3HH. 01-6234200 

kin -not cm NPIGth.Ua Tsl 168.3 72 71 -fin SAD 

St ^5 is isn«iter:BA II 

(Aeon. Uotel**>.-.|2D78 a9fl J 21D 

-Prices on tfiarch 25. Next tealtog Aon! za 

National W estmi n st er (a) 

161, Cheopude, EC2V 6EU. 0140660M) 

„ Coital (Acaon.) [1096 

m Baus=d 3 i 

Financial W70 

Grmrtti hnr [1076 

Income M6.6 

Japanese S PUc. €rti.Wl.b _ 

SSSMSM^I? 

BecoreiyTrust WJ 

Smaller Compames -.(724 


li i re stiH B it Tros: 

Special Situations . — i 

American Eagle . 

U-S. Spd- Bond FcL_. 
Malinrsia & Srowr— . 
Pseffie lacMtie— 

Pacific Re Inw 

Income. 

Ext ra iHSM t e 

PrvFficutv Starr,... 

Emmy 

income anf Gronth.- 
Growth 


WMdM *tii. - 

Trades ttatan Unit Trust Manager? 

100, Wood Street, E.CJ2. 01-6388011 

TUUTAprlll. [656 MJrif _...J 5-09 

Transatlantic and Gen. Secs, (c) (y> 

41-09, New London IbL, Dw/msIeriL 0245-51651 
Bart«at! April 15^-,“ 


(team, (fate) 

VmklH Y April 13... 

VugL Tst. April 14_ 

(Acoan. milbj 

WkSmor April 15_... 

(Accum Urats) JIl6 9 

WiCSarocr Die. Air. B.PflLS 

(ficant. Umb) „gf)7 0 

TyndaM Mangers Ltd.(i)(b)(c) 

18, Conrog? Road, BrttloL 0272 732241 

wgh. 031 ZZS^lUfl 

1662 



(team. Uts.) AarU 

Canada Lift Unit Triad Mnras. LbL 
Zte High St . Potters Bar, Herts. 
lUta.— M9Q 




45 Beech SB, EC2P 3J( 

Brttr* Trtot 




Op. Income DM. — 

Capel (James) MngL Ltd. 

100L-DM Broad SU EC2W 1BQ. 

MOL. 

Nprth American | 

Prices en Apnf 

Carr. Sebag Unit Trast Managersta) 

57 ft 3 , Prlnerti a, Manchester- 0 H- 236568 S 
Core, Scfaag Cap. Fd. .ICL2 44.M -OJl 261 
Core, Stag Inc. Kt.MJ 5-/3 $M 

Carr SataH Far EasiTi_BZ3 23^ -04 LSI 

Cberfnw Charities N/R Find# 

15, Momgats, Lmdop, EC2. 0-6384121 

m |:dM 

Charities Official IneesL Timi# uvn=izz.; —^-~ 

77 Umdoa WsILECZNIDB. 0-5*61815 HKaSSiff*"': 

smisafci «* i=f » “ 


Hcogm Sknrtats Ltd. 

4 GL Sl HflcRL Lowtor EC 3 P 3 EP 01-5510094 
Browto ML Gr. lot-jm £L 7 ] ...4 441 

MR Samuel Unit Tst. Mgro-t U) 


HEL Trust Managers Ltd. (a) (g) 

MHton Court, Dorietag, Surrey. Q70b6877M 

NeKifik'&Tl'izjSJ ^ 5 ^ 7 °^ I Si 

NeHUr High Inc...... 77.2 39 W -D.il Bb7 

Nefator lRtemstionri.l57J 6(U] +OJS 466 


24 , Castle 

ptokri.^ 

(Acaon . Umts) 

loeojne ..... 

Jtecuai. Umts)- 

CAcomTlSsT^ir^t 

EiempL —f 

(Acorn, umts) ^_y 

^ 0. Un*)_ X 

Amer7Grth...„a 

(tecum. Units). ..f 

For Eastern I. 

fe£ 5 t=rj 

(Acaon. Units) I 

NflturaT Rrsourees I. 

Accum. Units £ 

Scot. Inc. C 



"tram? KETSJWW.Bi 

itec.-m. ijmts)_ . . }T0 


Fauwcial Trust - . 

RrtL hLTsL. 

-__^I.Gnmtfi 

. tv Higb Yirid T« — 12/.3 
Hl| 5 MKTiHt M a.g 9.0 

ln(TTrurt_ | 4 SS a 

M. RtsomnTsi ,to.J 


HK Udt Trust Muig ers Ltd. (a) 

3 FndaritiA PL, OU Jewry, EC2 __ 01-508 4U1 


20 . Moorgiue, ECSH 6 AQ 
Northgm- Apni 15-1105.1 
(Acoan. UmUJ (114.1 


01-6064077 


ffiffissiVd 

HK lacooe Trt.1 



Norwich Union insurance Group (b) 

PJ). Box 4, Horwldi, NR1 3HG. 0603 22W) 

Group Trt; Fund (5016 S3.t!-2if 536 

Pearl Trust Mznpgers Ltd. (aKgKz) 

252 High Hotesrn, V.'CIV 7EB. 01-105 8441 

Pwri Growth Fd. B24 3« tefl -01' 5 03 

Acoan Unte |44.8 ■ 583 -0 £* 5(3 

Ptiri Inc. 08.4 41.34 -D-li 7.1fl 

Pearl link Tsl • ' fO-pa Jifc 

(Acoan. Unte) Jo9 6 74.9( -Oft 5£6 


I 2 J 0 P*fe*i Units Admm. Ltd. (g)(x) 

"“J 1» 57-63, Princess SL. Manchester. 061-2365685 
PMIOflUBte 11296 13931 -03) £00 

Perpetual Unit Trust MngnL (a) 

4B, Hart SL, Henley no Thames 049126568 

Granth P9.8 



to 0364 63432-3 



CMeffadn Trust Umjei Ltd (a) (g) 

11, New 5L, ECZM 4TP. 01-202632 

" « 



For Etetsm TsL (ij™. 

High lnooaw,_ 1 

Ian. Trad. (x)«..— . 

8»K Reuwera TkL ., 

toon. Growth Tsl.. 

Prcf.AGtkTH.^.., 

Smarter Ce's Trost. 

Chenio/tM Fund Mamgerslg) 

57 .- 63 , Pnnctat SL, Moncbestor. - 061 - 236 S 6 O 
Growth. — . B? .HM-Bflf 4 J 


Confedtrattm Funds MgL Ltd. (a) 
SCLDanrery Lane,WC2AlH2r 0L24202S2 

Growth Fond |7BJ» 820| J 433 


iMcstneot Bank of Mead (a) 

BSHUff** ^ 

Inestmant ta taff lg ence Ltd. (a) 

1/3 Worship St, EC2A ZAB. 01-6286626 

{WttewrTwfW-rT?.? ZM + giH 0.40 

atefttey 

Intel Small Cite Fd plp.7 

Key Fund M a nag er s Lid. (a)(g) 

X Paternoster now, E£4 7DH 0L3483999 


WorWwK ^eareer y.p 

Practical fmert. Co. Ltd. (yXc) 

44, Btoonstwry So., WC1A2RA 01-6238893 

ESEiri=Bi •SBIrj IS 

Prowfndal Life Imr. Co- Ltd. 

222 tam m u, EC2. 


|S*fc£ 

SBBS= 



Proitfie Far Eaa . 

Prolific Gut Cap 

Prolific High lne-._. 

Prolific lm_ 

Prolific NHl Amrr ... 
Prolific Spot. 5te.._., 
Prolific TWmology _. |48b 


01-2476533 



PmdL PaetfoBo Magn.' Ud. fa) (b> (el 
Hribwu Bars, ECU 2 NH. 01 - 4 Q 59222 

is 


Lite Wall hi Inc Pn'ry - [46 5 

Lin. ttsfl Int! 13) J 

U'. WsH Epee. Sits. .135.4 

TpntiB ti Co^-ficoent Funds 

Omi-ie FuW I _ 

Money Fins 1 . . | — 

-Ucauff*Sri«d— Cash Dsps* ; 

TS5 Unit Trusts fit) (e) (y) 

PO Box 3, Keen Hse, AcCmcr, Haro. 3P10 IPG. 
05M 62188. Dealinijs to ■ '"*■ - 

■TSBiiwncan M7 9 

Do. Accun 47.9 

T5B General IMJ 

Db. Accxn. ..._. Wifi . 

TSB Inxmf 

Ort- Attoto. 

TSB tecifle tol 

Da. tom. “ " 

SB.SsoWtt, 

Do. Acnxn._^_„. 

Ulster Bank (a) 

WhritgSlreet, BetfosL ‘ 0232 H231 

(b Wider Growth |424 49 a -mi LB 

U«« Trast Acccont & M^bL LtL 
^ ^^9 WIBlam SL EC4R9R. 01-6234951 
Fran K». Ford [572 «LQ| 4 4i6 


NOTES 

Prices aw to pence nrieg otheraiae todkawdud 
TO dreqnsird 6 unto m prefir refer to U A 
teteril. Vtrtdi*i(shdsrnin WenlumtiJaflowioraO 
buytrei eroentM. a Offered pr*** mttode off 
etpnoes. 6 TocSy's onew. e -YleMhased ou offer 
pri«. d CsHmatird.. a To*?') opriikw price, 
h Dritiibafco fro* of UK taxes, p Prrtodlc 
premium • useance pfinL a Smglc prenm 
toaMnee. x Offered price tockides afl expenses 
except egenTs cemmiHKn. y Offered pner mc kn t ni 
on expenses If tmmtathroudnnansgeraZ Previous 
ttfy's price, fl GucrtEcy ms. FSusoeataLi 
♦ Told before Jersey tax. t Ex-sobdtoituaJ 
U (tar avauoble to clartuUe bodtes. j 




A,.-* 


*.3 



28 


and Markets 


LONDON STOCK EXCHANGE 


Late improvement prompted by rumours of a possible 
breakthrough in Falklands dispute— Cawoods feature 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings dons Dealings Day 
Mar 29 Apr IS Apr 16 Apr26 
Apr 19 Apr 28 Apr 29 May 10 
Apr SO Hay 13 Hay Id May 24 

* " New Urn#" dealings may taka 
place from 9.30 am two busin e ss days 
earlier. 

The long three-week Easter 
trading Account in London stock 
markets ended on an extremely 
quiet, but slightly more 
optimistic, note yesterday. The 
slide in equities since the start 
of the Falklands crisis two weeks 
ago came to a halt as the market 
steadied after the previous day's 
bout of jitters. 

A marked reluctance to trade 
pending developments in the 
Falklands situation left room for 
a rally in leading shares. But 
yesterday's tendency was little 
more than a technical movement 
as dealers attempted to square 
their book positions at the end 
of the Account. After fluctuat- 
ing within extremely narrow 
limits, quotations consolidated at 
slightly higher levels and. with 
late sentiment helped by vague 
rumours emanating From Wash- 
ington of a passible break- 
through m the Falklands 

dispute, the FT .10-share index 
extended a rise of a point at 
3 pm to one of S.9 at 550.7 at 
Die close. 

Overall, business in equities 
was barely sufficient to test 
quotations in most cases and it 
was left to special situations to 
provide the' day’s features. 

Cawoods closed 17 higher at 
2S0p following the agreed 

merger terms with Red [and, 

while General Commercial rose 
16 to 240p on the offer from 
Refuge Assurance. 

In common with the equity 
sectors. Gilt-edged securities 
passed an extremely quiet trading 
session. Reflecting -the prevail- 
ing uncertainties, quotations 
were inclined a fraction easier' 
until the late dealings when 
they were marked tentatively 
higher in response to the Falk- 
lands rumours. As a result, 
short-dated stocks finished 
around £ dearer on balance and 
long-dated issues, i, off at 3.30 
pm list levels, were raised by 
that fraction and sometimes 
more in die later dealings. The 
Government Securities index 
dosed 0.09 lower at 66.50. 

Banks dip and rally 

Early small losses were 
recouped by the major clearing 
banks in thin trading. Follow- 
ing the chairman's comments at 
the annnal general meeting with 
regard to the bank’s exposure to 
Argentine risks, Lloyds eased to 
408p before rallying late to dose 
a net 3 better at 413p. Barclays 
ended a couple of pence better 
at 440p t after 438p, as did 
Midland, at 308p, after 304p. 
Elsewhere, still reflecting the 
disappointing annual figures. 


Bank of Scotland lost 5 for a 
decline on the week of 28 to 
395p. In merchant banks. Klein- 
ivort Benson mine on offer and 
fell S to 230p, but Guinness Peat 
perked up 4 to 72p. 

Insurances passed a quietly 
dull session. Son Alliance fell 4 
to 792p and C. E. Heath relin- 
quished a few pence to 307p. 
Pearl gave up 2 for a drop on 
the week of 24 to 382p follow- 
ing disappointment with the pre- 
liminary figures. 

Having stood a shade easier 
for most of the session, leading 
Breweries staged a modest rally 
in later trading helped by pro- 
fessional bear closing. Bass 
ended a penny dearer at 31Sp, 
after 216p, while Grand Metro- 
politan. dull at late renewed 
fears of a cash call, recovered 
from an earlier 197p to close a 
penny up on balance at 201p. 

Among the occasional move- 
ments in Buildings, F. J. C. 
Li 1 ley, still reflecting the pro- 
posed one-for-five rights issue, 
eased 2 more to 158p, but 
Hewden-Stnart hardened a penny 
to 32p on recovery hopes. 
Redland’s bid for Cawoods 
prompted a little interest in 
other building suppliers, 
Rnberold improving 7 142p 

and J. Latham 5 to llOp. Bine 
Circle closed a shade firmer at 
454p, after 450p, in common 
with other leaders. 

Down to 30Sp at one stage, 
ICI rallied to close without 
alteration at 312p. Elsewhere in 
Chemicals, Arrow drifted off to 
end 2 cheaper at 31p. 

GEG rally late 

Stores finished the extended 
Account on a subdued note and 
most held close to overnight 
positions. Among the leaders. 
Burton, 172p. House of Fraser, 
15 Op, and British Home, I52p, 
all shed 2, but Habitat Mother- 
care, 136 p. recovered Thursday's 
fall' of 2 which followed a sub- 
stantial share placing by Mr 
Selim Zlkha. Currys turned 
down in front of next Monday’s 
preliminary results and eased 6 
to 16Sp, but scattered support 
was evident for House of Lerose. 
3 dearer at S9p, and Arthur 
Henriques, a penny better at 
25p, the latter following full- 
year results. 

GEC led a late Tally in the 
Electrical majors, closing 13 
better at 805p. Plessey picked 
up 7 to 367p at did Thorn EBH, 
to 427p. Racaf hardened a 
couple of pence to 375p. Else- 
where, Forward Technology, at 
35p, lost 3 of the previous day’s 
jump of 13 which followed the 
better - than - expected annual 
figures. Rediffusion lost 3 to 
227 p and Cray ended similarly 
easier at 52p. 

A dull market of late on sell- 
ing ahead of next Wednesday’s 
preliminary figures. Hawker 
revived with a gain of 6 to 296p. 
Other Engineering majors made 
modest progress in thin trading. 


600 


550h 


500H 




400* 



1980 


1981 


3989 




GKN picked up 4 to 157p and 
Tubes, 132p. and Vickers, 157p, 
finned 2 apiece. Elsewhere, 
Delta Group hardened 11 to 45*p 
on demand -ahead of next 
Wednesday's annual results, 
while Beauford added 3 to 35 p 
on further consideration of the 
satisfactory results the board's 
accompanying remarks about 
current year prospects. Simon, 
on the other hand, fell S to 355p 
and Spear and Jackson relin- 
quished 5 to lOOp on lack of 
support. . _ . 

Foods were mixed irregular. 
Late support lifted Tate and 
Lyle a couple of pence to 2D4p 
and Cadbury Schweppes a penny 
to 98p. but Rowutree Mackin- 
tosh turned dull and eased 4 to 
164p, while William Morrison 
continued to react to ■ profit- 
taking after the preliminary 
results and gave up 8 for a two- 
day fall of 14 to 14Sp. Northern 
added 2 to 158p following the 
announcement of the £l-S7m 
acquisition from FMC, a penny 
dearer at 52p. 

Cawoods merger 

Cawoods dominated proceed- 
ings in the miscellaneous indus- 
trial sector, the sbares jumping 
17 in active trading to 280p on 
the surprise announcement of 
the agreed merger with Redland; 
the latter fell 14 to 161p and its 
Warrants shed 4 points to £66 
following details of the share- 
exchange - terms . involving 
Cawood's 9.1 per cent stake in 
LASMO; the latter’s shares fell 
to 30Sp before closing 11 down 
on balance at 312p. Mix concrete, 
in which Cawoods holds a 9.5 
per cent stake, moved 8 on the 
announcement to S9p. 

Channel Tunnel, which plum- 
meted 42 on Tuesday following 
adverse comment, rallied 10 to 
95p, while St George's Group 
improved 5 to U6p on the 
announcement that Scottish 
Northern Investment Trust holds 


a 9.11 per cent stake. Still 
reflecting the strong profits 
recovery. Camrcx gained 3 to 
4Sp. while Brady Industries A 
finned 5 to 55p as did Diploma, 
to 232p. The proposed cessation 
of its Bridgend operations left 
Avon Rubber a few pence off at 
94p. while falls of between 6 and 
8 were seen in Marshalls Univer- 
sal, 7Sp, BTR. 327 p. and 
Aeronautical ' and General 
Instruments, 170p. A lack-lustre 
day in the leaders was enlivened 
after-hours by unconfirmed 
reports, later denied, of an 
Argentine withdrawal from the 
Falkland Islands. Quotations 
improved a couple of pence or so 
late and the closing trend was 
mixed. 

Hopes that the Account start- 
ing on Monday will bring news 
of the talks between Pearson 
Longman and S. Pearson 
prompted useful support of the 
former which jumped 9 for a 
gain on the week of 15 to 332 p; 
S. Pearson eased 4 to 23Sp. 
Elsewhere. Watmoughs remained 
a dull market and fell 8 more to 
152p: th^ company are printers 
to troubled mail-order house 
Empire Stores. currently 
involved in talks with Great 
Universal. 

Leading Properties regained 
some composure after the pre- 
vious day's dullness caused by 
adverse Press comment Land 
Securities rallied 6 to 278 r> and 
Stock Conversion hardened 2 to 
310p. British Land improved 1* 
to 81)p, but MEPC cheapened a 
couple of pence more to 
200p. Elsewhere, Chesterfield 
improved 5 to 355p bnt Imiy 
lost that much to 235p. 

Carless good 

Leading Oils passed an 
uninspiring trading session, but 
most quotations picked up after 
showing a slightly easier trend 
initially. Among the secondary 
stocks, hopes of a Humbly Grove 


FT-ACTU ARIES SHARE INDICES 

These indices are the joint compilation of the Finance! Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 


Flgom in p ai ertfaCK dm mator 
of dodo per section 


1 

2 

3 

4 

5 

6 
8 
9 

10 

21 

22 

25 

2b 

27 

29 

32 

33 

34 

35 

36 
34 

41 

42 

44 

45 

46 
49_ 
51 
51 
61 
62 
63 

65 

66 

67 

68 

69 

70 


CAPITAL 6000S 12083 357.44 
Buikfing Materials (23) ~ 31483 
Contracting Condraction(2B) 57133 
Electricals (31) 125533 

Eagaeeriag Contractors (9).. 

Hedaaical Engineering (67) . 

Met* art Metal FbmmgUl).. 

Motors (21) 

ftber Industrial Udenafc (18) — 

CQH5UMER GROUP (201).- 

Brewers and Dwrrf/m (22). 

Food Manufacturing (22) 

Food Retallmg(14) 

HuHlir d HontWd PradKti {SI 

Leisure (24) " — 

Nrewapers. Publishing (12). 

Packaging and Paper (14) ..■ 

Stores (45) ..... 

Textiles (23) 

Tobaccos (3) - - - 

Other Consumer (15) — 

OTHER GROUPS (78). _ 
Chemicals (16) 


Office Equipment (4) . — . 

Shaping and Transport (13) -] 

Miscellaneous (45) 


HtBUSTfthU. CROUP f<87] 


Mb (13) 


500 SHARE INDEX. 


FINANCIAL GROUP 0171 

Banteffl 


Discount Houses (9) 

Insurance (Life) (9) 

Insurance (Composite} (ID) 

Insurance Brokers (7) 

Merchant Banks (12). 

Property (49) 


Other Financial (15) 


f Moment Trusts (112) 

Mining Finance (4) 

Ouerseas Traders (17) — 


ALL-SHARE INDEX (750) 


Mon' April 19 1982 


Index 

No. 


47731 

287.93 

157.671 

9233| 

36030 

291-22 

29223 

266.05 

587391 

396.64 

438.241 

525.811 

14155, 

264.73 

168.071 

306511 

28656 


247.271 

325551 

117.781 

550.79 

33436] 


30839) 


676.15 


338.171 


245351 

ZL7-20] 

26159 

153.761 

42640) 

371231 


286.62 

207.61 

36353 


314.46 


Change 

% 


EsL 
Ebbor 
lYleld %!' 
(Max.) 


+83 

-0.7 

-03 

+L1 

-U 

+8.4 

+0.4 

-03 

-. 0.6 

+03 

+05 

-03 

-05 

+05 

+03 

-0.1 

-03 

+03 

+0.4 

-05 

+03 

+03 

-05 

+13 


+03 


-0.1 


+03 


-03 

+01 

-13) 

-05 

-0.4 

-0.7 

-0.7 

+05 

+04 


-05 

+0.9 

-05 


+03 


Grass 

Or*. 

iYMd*| 
(ACT at 
30 *> 


1035 

14.14 

1536 

7.41 

14.05 

1233 


10.58 

2.43 

9.92 

12.81 

16.18 

16.06 

936 

8.62 

1037 

1052 

16.02 

10.75 

9.82 

20.02 

L75 

13.64 

13.83 

1347 

1952 

H-78 


13.95 


18.97 


1356 


4022 


11.42 

531 

19.08 


15.13 

1439 


4.47 

550 
535 
236 
634 
6.04 
7.53 
7.28 
587 
5.75 
6.68 
6.81 
3.41 
4.08 
537 
5.95 
7.50 
5.06 
5.97 
8.52 

551 
639 
7.10 
730 
6.71 
531 


535 


8.60 


5.87 


6.70 
8L22 
9.98 
6.91 
930 
552 

5.70 
3.57 
6.66 


5.62 

6.79 

8.75 


6.06 


EsL 

PIE 

Ratio 

IfcQ 


19 91 

851 

7.66 

1736 

8.38 

1084 

12.01 

1239 

957 

7.45 

7.50 

13.32 

13.50 

12.04 

12.94 

7.29 

12.46 

1333 

559 

883 

8.62 

8.91 

689 

1039 


1037 


634 


938 


2.72 


11.94 

2634 

637 


8.08 

8.48 


Ttw 

April 

15 


Index 

No. 


356.40 

31639 

57334 

H24L49I 

48687 

28739 

157.03 

92.42 

36235 

290.96 

290.47 

26664 

590.12 

394.68 

*37.09 

52581 

14164 

26536 

167.72 

30482 

288.17 

246.79 

32536 

11869 

54166 

31473 


30766 


676.74 


337.72 


24550 

26031 

21935 

26382 

15440 

46485 

147.70 

42433 

17050 


287.96 

20534 

36568 


31423 


Wed 

April 

14 


Index 

N<l 


36054 

32050 

583.91 
1260 
48738 

288.72 
157.96 

9332 

366.41 

29467 

29X28 

269.92 
594.34 
40L58 
44103 

531.73 
143.43 
269.14 
17051 
307.47 
29034 
2SQ.74 
32982 
12230 


.0012541 


55537 

31938 


31167 


69132 


34268 


249.12 

26132 

22153 


26562 

15409 

476.93 

148.48 

43218 

17280 


28936 
207.48 
370 JO 


31366 


Taes 

April 

13 


Index 

No. 


35938 
319.60 
58202 
07); 
483.19 

287.70 
156.77 

93.39 

366.26 

29385 

29422 

26888 

59210 

398.85 

44060 

532.71 
143.43 
268.48 
16954 
306.79 
289.46 
25143 
328.70 
122.22 


556 09 
37162 


310.90 


690.® 


34177 


24956 

26381 

222.94 

26583 

35656 


47985 

14855 

43473 

173.79 


288.73 

203.42 

36866 


317.90 


Pan 

April 

8 


Index 

No. 


362.75 

32263 


58825 

|126478| 

489.86 

289.98 

15825 


94 29 
368.43 
297.41 
30101 
271.62 
59329 
402 57 
446.77 
53060 
143.56 
271.71 
17066 
31252 


289 JX 
2S353 
33311 
12320 
56258 
32276 


314.19 


69626 


345J0 


257.11 

26830 

22276 

26783 

157.95 

48309 

148.48 

438.% 

17426 


29183 

20759 

37184 


32119 


Year 

390 


Index 

No. 


35761 

31295 

58585 

111563 

477.12 

22187 

17492 

10625 


386% 

277.90. 

30106 

256.16 

53458 

30456 

43399 

49185 

155.92 

27118 

164.15 

235.74 
29328 
23669 
290.48 
32492 

635.75 
296.91 


299.40 


83433 


34207 


25968 

25489 

30156 

268.92 

16828 


37184 

25834 

50131 

17100 


309.15 

23922 

470.76 


32415 


Highs and Lows Index 


1982 


Hi* 


tM 


High 


38129 

340.14 
61853 

130551 

52365 

20588 

18298 

10240 

41063 

305.94 

30827 

287.47 

623.22 

404.92 

461J2 

537.63 

150.15 
284.09 
177 OS- 
32470 
29726 
26141 
35338 
13188 
58726 
33555 


(3/Z) 

0/2) 

(m 

0/9 

(5® 

0/21 

(29/1) 

(3/2) 

(5/2) 

0/4) 

(32/3) 

(27/1) 

(ZOTJ 

(214) 

(2/4) 

(5/4) 

(17/2) 

(2/4) 

0/4) 

(2/4) 

am 

am 

aim 

(29/D 

(5/2) 

am 


323.44 am 


74356 (1/D 


353.97 (2 m 


26853 

30442 

246.71 

27029 

17178 

48723 

156TB 

46836 

18935 


(8/3) 

(22/2) 

(1/D 

am 

(5/31 

(2m 

CUD 

(11/3) 

Ql/2) 


31965 

24176 

438.99 


aim 
p m 
aim 


330 93 (29/D 


35L24 

29954 

S29J8 

120568 

47781 

M7.21 

155.19 

92.13 

35720 

265.59 

26100 

26173 

545.79 

33870 

409.03 

47239 

130.74 

23802 

15291 

25128 

24787 

22888 

29789 

11697 

515.46 

39.92 


(140i 

(6/1) 

(6/D 

(14/D 

atm 

m 

(614) 

(16/4) 

(6/4) 

(5/11 

02 m 

(5/1) 

(50) 

(S/ll 

cm) 

aw) 

(5/1) 

(5aj 

(5/1) 

(6/D 

(1/D 

(5/D 

(5/D 

050) 

(50) 

(50) 


289 J9 (SO) 


32463 (1201 


2446S 

26021 

21115 

2028 

14851 

41059. 

144.13 

42403 

17050 


(350) 

cam 

(7/D 

( 120 ) 

020 ) 

030) 

(15/3) 

asm 

asm 


28353 

19696 

36383 


(60) 

(ISO) 

J16/& 


30622 (12/1) 


38329 (3/2/821 
34614 (3/2/82) 
61853 (24/3/8Z) 
|130551 (2/4/82) 
5305 (5/2/82) 
Z3Q26 (24/4/82) 
19229 (4/5/79) 
17059 (15/1/69) 
41063 (5/2/82) 
305.94 (2/4/82) 
325.26 (16/6/81) 
287.47 [270/82) 
62322 (23/3/82) 
404.92 (2/4/82) 
476 41 (14/8/81) 
537.63 151902) 
16179 (1/5/81) 
294.06 (30/4181) 
235.72 (17/1/67) 
339.16 (2/8/72) 

31140 amu 

26141 (2/4/82) 
35338 (11/2/82) 
24686 (1/9/72) 
64676(24/4/81] 
33555 (2/4/82) 


323.44 (2/4/82) 


627.13 (10/3) 006524 0903/80) 


353-97 (2/4/83 


279.45 (1/9/8D 

30442 (22/2/82) 

31483 (20/3/81) 

299.44 amn 

18889 aim) 

48723 (2/4/82) 

27857 (l/S/72) 

517.77 (2/4/8U 

30328 (18/5/72) 


332.90 (17/8/81) 
29626 (14/8/81) 
48851 (18/5/81) 


33864 (17/8/81) 


50.71 (13/12174) 
4427(110204) 
7148 (2/12/74) 

84.71 (25/6/63 
6639 (20/75) 
45.43 (6/2/73) 
4965 (6/1/75) 
19.91 (6/1/75) 

1277.55 (15/1/8D 
6141 (1302/74) 
49 47 (230274) 
5967 (11/12/74) 
5425 (11/12/74) 

117558 (28/5/80) 
5483 (90/75) 
5588 (60/75) 
43.46 (60/75) 
52.63 (6/1/75) 
6266 (1102/74) 
9424 (13/6/62) 

)22984 (28/9/81) 
5863 (60/75) 
7120 002/74) 
4534 (2/1/75) 
9080 (29/6/63 
6039 (6/7/75) 


39.CQ (13/12/74) 


8723 (29/S/63 


63.49 (1302/741 


5588(1302/74) 
62.44(1202/74) 
8140 0002/74) 
4488 (20/75) 
43.96 (1302/74) 
6586 0602/74) 
3121 (771/75) 
5681 (20/4/65) 
3329 (1702/74) 


7163 (1302/74) 

6631 00/9/74) 

9737 (6/1/75) 


6L92 (13/12/74) 


FIXED INTEREST 


PRICE 

INDICES 

Mon 

April 

19 

Day's 

change 

% 

Thur 

April 

15 

*d adj. 
today 

af Mi. 
1982 
to data 


Brithft tawasisst 



■1 



1 


un% 

4-053 

I'.M 


3.99 



18727 

-MB 

-Ol10 

107 AS 

109.77 

033 

453 

493 



309A7 

4 

IntowaaMg 

11577 


11577 

— 

U2 

5 

All Suido 

WtM 

+004 

19054 

012 

435 

~i 

BtiNRtBrts&Lens 

85 M 

“004 


MM 

■a 

T 

PRfmnce 

te.75 

+0J7 

63jK 

— 

252 | 


AVERAGE GROSS 
REDEMPTION YIELDS 


14 


Brithti Government 

I mil ^ 



Irrwteerpabte 


Debs & tom 5 years.— 

15 — : 

25 scars. 


nmfavN ■ ■■ 

nciuucii 


Mon 

April 

19 


1234 
13 J6 
13.19 
1461 
K36 
3387 
34.44 
K58 
3486 
T3fl? 


3527 

2589 

3S02 


15.46 


Tfrrr 

April 

25 


3236 

ms 

1324 

1464 

1432 

3385 

04J2 

3445 

2483 

1381 


3520 

2588 

1582 


15.47 


Year 

*9“ 

GW"*-) 


1161 

12.17 

173* 

1325 

13.69 

.3140 

1322 

Z389 

2359 

3170 


34.47 

24.47 

14.47 


2442 




Lem 


3349 (5 ID 
1428 (5/1) 
14J7 020) 
1641 020) 
16.10 (50) 
35.46 020) 
3688 (80) 
3628 (50) 
2576 020) 
1164 020) 


1787 020) 
U35 020) 
3672 020) 


1624 020] 


2186 0/4) 

1253 (23/3) 

1233 (233) 
13.75 (2/4) 
23.47 (230) 
1384 (S/3) 
1387 000) 
1386 (233) 
nil (230) 
1286 am 


1444 (240) 
2447 <24 3) 
1447 (24/3) 


1582 W3) 


Equity section or pot? 
Other Industrial Materiafs. 

Other Consumer. 


Health/HousehnkJ Prods. 

Other Groups 
Overseas Traders ... 


Engineering Contractors — — 

Mechanical Engineering 

Office Equipment 

Industrial Croup -— 

t Rat yreM. A «« of /he constituents Is anaJJabJ* from lhe 
NAME CHANGES: Bfagden & Noakes (Holdings} is now 


Base date 

Base value 

Equity section or grng 

Base date 

Base value 

31/1280 

287,41 

Other FuoodaJ 

31/12/70 

12&06 

31/12/80 

238.14 


29/12/67 

114.13 

30/12/77 

261.77 

Food Retailing l. 

29/12/67 

114J3 

31/12/74 

63.75 

Insurance Brokers - - — ^ . 

29/12/67 

96A7 

31/12/74 

ioaoo 


29/12/67 

100.00 

3102/71 

15354 

AHQther. — - 

10/4/62 

100.00 

3102/71 

153.84 

British Government 

31/12/75 

100i» 

ibiino 

128.20 

Debs. & Loans — — ^ 

31/12/77 

10050 

31/12/70 

12820 

Preference 

31/12/77 

76.72 


PuNisherS, The Franca/ Times, Bracken House, Cannon Street, Lotion, EC4. price 15p, typcst28p. 
Bfagden ImbStries (33) mil Ropner Holdings is now Rawer (46) 


drilling report prompted specu- 
lative demand for Carless Capel, 
15 higher at 17Sp. and Candecca, 
7 to the good at 185p. Moray 
Firth, in contrast weakened 6 
to 17p on news of a dry writ 

Loorho eased a couple of pence 
to 69p following a generally 
unfavourable Press response to 
the latest circular to share- 
holders defending the company's 
plan to raise its borrowing limit 
The vote will- take place at the 
end of the month 

Proceedings m Investment 

Trusts were enlivened by 

General and Commercial, which 
advanced to 250p before settling 
for a net gain of 16 at 240p 
following the agreed offer from 
Refuge Assurance, S cheaper at 
220p. Other issues trended lower 
where altered: Far-Eastern 
advices clipped 7 from both G.T. 
Japan, 273p. and Crescent Japan. 
261 p. while similar falls were, 
marked against Triplevest 
Capital. 330p, and Dualvest 
Capital. 443p. 

Shippings, dull of late, rallied 
well under the lead of P & O 
Deferred, which added S to 131p 
helped by a broker's upward 
revision of a profits forecast; the 
preliminary results are expected 
next month. Ocean Transport 
dosed 3 to the good at 229p. 

Golds easier 

Mining markets ended a frac- 
tion easier after another session 
of routine activity. 

South African Golds tended to 
drift lower reflecting lack of 
further progress by the bullion 
price, which dosed 75 cents 
easier at S362iW an ounce, await- 
ing developments in the Falk- 
land Islands and the Middle 
East. Closing losses in Golds 
were modest and left the Gold 
Mines index down 1.4 at 265.5. 

The gold sharemarket has 
seen a week of minimal turn- 
over although activity is 


expected to pick up next week 
with the remaining quarterly 
reports from the gold mines due 
through from Tuesday to Friday. 

In addition^ . the Anglo 
American Corporations’ Orange 
Free State mines are due to 
announce April dividends on 
Friday. 

South African Financials were 
featured by the Coal stocks 
Amcoal and Transvaal Consoli- 
dated Land; the latter advanced 
£1} to £211 and the former put 
on J to £13 following news that 
both - companies have been 
awarded contracts to supply the 
coal requirements of a new 
South African power station. 

RTZ were prominent in 
London Financials' and finally S 
better at 424p reflecting favour* 
able Press comment on the 1981 
results. Gold, fields edged up 3 
to 394p. 

Light profit-taking after Thurs- 
day’s broad advance left Aus- 
tralians showing modest losses. 
Western Mining relinquished 3 
to 216p and Reuisau 2 to l4Sp. 
Bougainville dipped a like 
amount to 74p in the wake of 
the chairman's comment about a 
bleak near-term outlook. - 

A number of firm spots in the 
speculative issues included 
Metramar, up 2 at a 1982 high 
of 23p. 

Elsewhere, Bemerdon Mining 
and Smelting rose 3 to 5Sp 
following completion of the 
option agreement with Billiton. 

A disappointing week in 
Traded Options ended with 2,571 
deals arranged — 863 calls and 608 
puts. The short week’s average 
amounted to 1,132, barely half 
the previous week’s average. 
Once again, ICI and Imperial 
dominated yesterday's calls, 
recording 202 and 222 trades 
respectively. British Petroleum 
attracted a reasonable put busi- 
ness with 220 contracts 
completed. 


Tidy factory campaign 

management of waste and often 
lead to accidents said toe 
group. It was introducing toe 
Tidy Team Programme foe 
Industry to toe chairmen and 
managers of companies which 
support the group’s titter abate- 
ment programme; 


A TIDINESS campaign to 
increase safety, health and 
efficiency in industry and com- 
merce was launched by toe 
Koop Britain Tidy Group 
yesterday. 

Untidy factories and work 
places are toe result of mis- 


RISES AND FALLS 


British Funds - 

Corporations, Dorn and Foreign Bonds 

Industrials — - 

Finswisl snd Props ... 

Oils 

Plantations — 

Mines - 

Others .... 

Totals - 


Yesterday 

On the week 

Rises 

Falls Sam* 

RtSM 

Falls Sams 

30 

43 

20 

131 

159 

82 

5 

1 

69 

29 

32 

238 

140 

303 

900 

578 

1,294 3.5 W 

56. 

151 

302 

171 

%0 

1.215 

19 

22 

66 

84 

118 

226 


5 

18 

12 

11 

09 

34 

26 

100 

174 

113 

355 

44 

38 

71 

181 

189 

244 

328 

590 1.546 

1.360 2£S6 5.940 


LEADERS AND LAGGARDS 

Thursday, 


Percentage changes since 


Tobaccos _... ... 

Other Consumer 

Health and H’sahold Products 

Insurance Brokers 

S to roe - 

Newspapers. Pu bUshlng 

Consumer Group .... 

Chemicals- 

Contracting, Construction 

Textiles 

Food Retailing .... 

Packaging and Paper „... 

Brewers and Distillers 

Other Groups 

Building Materials 

Industrial Group 

Insurance (life) .. 

Shipping and Transport 

Leisure 

500-share Index 

Food Manufacturing 


December 31 1981 based on 
April IS 1982. 

+1S.81 Investment Trusts 

+16.26 All-share Index 

+14.08 Insurance (Composite) .... 

+11.44 Capita/ Goods : 

+1088 Engineering Contractors . 

Electricals :. 

Office Equipment 

Motors 

Other Industrie! Materials . 
Mechanical Big I nearing .... 

Financial Group 

Merchant Banks 

Metals snd Metal Forming 


9.60 

8.07 

7.67 

7.25 

7.20 

7.0S 

6.78 

6.63 

68D 

480 

AAA 

483 

4.18 

4,01 

2-03 

1.16 


Oils 

Banks — .. 

Overseas Traders — 

Discount Houses 

Mining fin ance ..... 

Gold Mines Index 


+ 0.72 

+ 085 

- 0.42 

- 0.68 

- 0.81 

- 180 

- 1.44 

- 1-87 

- 3.16 

- 3.47 

- 3.77 
.... - 684 
... - 6.09 

-- 888 

..... - 8.99 

— - S87 

— - 9.43 

— -11.09 

— -1288 
-1380 


RECENT ISSUES 

EQUITIES 


Issue 

price 

P 


p’m 6 1 

um 


1982 


Stock 


High ’ Low ; 


‘Co I. |“' w 

lO I 


life! 


140 

142 

15 

{102 


4260 
‘99 
I I 
<120 
1 150 


136 


F.P. 14i5 
F.P. 26/3 
F.P. 15/4- 
F.P. — 
!F.P. — 
F.P.’ _ 
,F.P. 14/3 
'F.P. 6/3 
.F.P. - 
jF.P. 7/6 
F.P. 16, '4 
IF.P. - 
F.P. 1 - 
F.P.13/5 
F.P.- _ 


;!46 
212 
28 
;i35 
. 25 
39 
250 
93 
275 
134 
ilTO 
30 
42 
141 
90 


140 .AIM Group 10p '144 

186 Amerahem |191 

: 19 .Cambrian A Gcn.7*p, 28 

122 Dew (George) -:126 

21 Fleet Holdings 20p...i 22 
27 Green friar Warrants/ SB 
250 '•f to Technology ..^^852 
69 *lmm. Bus. Sya. 10p! 89 
.267 *Job*ens Drilling ...1268 

122 ^Leisure Inds. ;122 

1137 ."fOc conic* 10p-. 

I 30 lOsprey Assets..— 

’■ 39 IP. H. Industrials 
1136 Standard 
1 70 [zambi 


i-1 


lbdE-76 
,03.5 i 


1.9! 5.7.16.0 
2.4 2.8 16.4 


g5.7 [ 4.0j 6.6( B - 6 


b»a Cons Cpr low 90 | — 


166 

3D 

40 

138 


i + 1 
I— I 

it!. 

+i 


b!7.5 

ibfi.0 

ibd 1.5 

IP1.4 

b3.5 

ibZ.B 


28; 9.3 6.7 
2.8j 5.9 8.5 
4.7 18)17.6 
- ' 6.7, — 
l.ehz^j 68 
18 28*40.8 


FIXED INTEREST STOCKS 


Issue I §5 \m\ 

price 0-0 I ® = «i 

2 en-ag-oi 1 1 

.High; Low! 


Stock 


5103 £25 
100 IfTp. 
T100 l£10 
199.382^25 
F.P. 
100 F.P. 
99.532 £30 
"199 F.P. 
1100 F.P. 
«100 IF.P. 
11107 ; Nil 
*“ -'F.P. 

98.53 £20 


SOn' 35J* 

14/4'1 16 


24/6 

14/71 

22j3 

23/61 

29/A\ 


lots! 

25 
136 
103 
29 te| 

1015, 

loose 

— :100i|i gsag) 


263* 

HO 

101 * 

21ie 

136 

97 

274* 


Barclays IBS Ln. Stic 


BoddlngtonsBrew 9teXOnv. Ln. 2 caa.O 8 

Bristol Water 9% Prcf 

Cred. Fonder da France 143% Lon8flfl7 
First Nat. 12»pcConv. Una. Ln. 1987.. 

Hunting Pet 10X Cnv. Ln. 1»S7 — 

..Int. Bank 14* Ln. 1987^ . 

lOUjiLea Valley 9taS Red. Prf. 1989 

99 /^ Nationwide 8dg. Soo. 14l»S 04/3/83). 

00 ^ Do. 141^5 (4/4/83) — 995s 

^ inrlve.ii *SA 1 ,hmi 


S 0 
On. 


30 

112 

lOigl 

22 

136 

97 

27*1 

1001s 

Mw 


M/4: 3pm Upm:Qa«en* Moat 10 ft Cnv. 8AA1, 1 apm 

16/4 lOlip'ioOp ‘Ropner* 11W Cum. Prf ; 102p| 

20/5' 25ia‘ 19^ Truns-Canad Pfpellnas 16jg Note* 89 li 


“RIGHTS” OFFERS 


' c& Latest 

Issue a* tienunc. 

price, g-2 date 

p : <a ; • m 


1988 


High ' Low 


stock 


j| a !+f r 


10 , Nil - 
125 . Nil *1/4 
AS1 ; Nil .■ - 

70 ; F.P. 15/3 
40 I F.P..’ 8/5 
SO 1 F.P.39/3 
20 Nil ; — 
160 F. P.,82/3 
A62J2B Hit - 
18 Nil - 

2 ? sh 
n ssns 

110 F.P./83/5 

11 F.P.I 6/4 
10 F.P .(£4/5 


— 3>;pm, 

28/5 21pm 

- 6iapm 

19/4 106 • 
33/4: 42 
10/5! 60 : 
„ , 16pml 

29/4] 188 

30pm 
4pm 
7i 

l*pm| 
100 
111 
287 
16- 
12l| 


21/S 

4/6 

asm 

27/d. 

23/d 


l*ipm Ansbacher /H.) 3p + 

12pm Beazer (C. H.) lOp, 

Ji-pm'Bond Corp 

73 ‘’f Clyde Petroleum 

37 i ^ Energy Finance lOp., - 

SO ]Hrst Castle lOp.. 

14pm! Fisher (A.) 


164 
12pm 
_4pm| 
6is 


Hunting PeLServieea,.„... 

MX M. 

North Kalguri — 

Platlgnum 5p_ 


lpm Queens Moat... 

■ 99 Riley Leisure 

98 [St. Geoige’s Grp- 10 d. 

14’ 


(Security Centres.— 
Shaw a Marvin lOp. . 


lOtalSturia 10p....„ 


lipmi-r 

H-’j-i 1 
-37 -1 

53 

14pm — 

182 

29pm —1 . 

- 

ir-" 

1U 

240 , 

14 

10*B 


+ 1 


tee eiHrtWiDe date many last dsy tor dssltag free of stamp Arty, k Flgsm 
bead on prospectus estimate, d Dividend rata psM or payable m put of 
csptafceowBf based so d h dd se d on foB aspCL j As — ti dfrfdanif eod rUd. 
r indtostBd dividend: cover ralatBs to ^euious divldeod. P/E ratio based on totsst 
Uuml earmngs. u Fe r » rs s t dividend: cover based an previo us year's earnings. 
FDMdend snd yield based 0I» prospectus Or other official estimates tor 1982. 
q cross. T Figures a ssum e d & Figures or report Svra’rted. t Cow allows tor 
conversion of shares not now ranking for dividend or ranking- only for restricts d 
dnndends. SRacbig price, p Panes unless otbarwlse indicated. Yftscsd by 
tender. | Offered to holders of ordinary shares hs e "rights." M Issued by wsy of 
cepftallsstioa. ffi HMesodtscsd. n Issued In connsotiaa with reorgnlsaUOA. 
msrgsr or Uka-over. || introduction. H Issued to former preference holders. 
■ Allotment letters (or faffy-psid). • Ptmrislc»Ml or pardy-neto sHoonsnt lettara. 
* YYitii enrrants. ft DaeHug* ondsr sped si Rule. # UnUnsd Securities 
Market «• London Listing. 1 effective /sous price after scrip. - ( Formerly 
»■ —tier Mo 1D»(2K4< tt Itok 

Cap iliBfis. 


Financial Ti mes Saturday April ;17 1982 

FINANdAL TIMES STOCK f N&ICtS 


■ Tj 


A *i2 


rfl 


vi 


VivlVi.W 


Government teas 
Fixed Interest-...*^ 
industrial .. ! 

Cold Mines.... | 

Orti.DiV.YiaM 

Earning*. Yld.iifuffl 
P/E Ratio (neti 

Total bafflAlrw 1S.B0^ 

Etnitty turnover friui — 
Enulty ba rgains-. -- 1 ~ ■. 


65, 

67. 
650 
265.6: 
6.62 
11.38 
11.02- 


66.6al 66,901 66^0 66,7fr 67.11, 69J3 
67A 67JWI 67.3* Vt£& 67.47; 71.10 
MAA' 664.4 BOlA Sh&S’ 55Z.S 68B.6 
256.9 267.8, .2 M.O; 282A'- 272.4 393.8 
6.79J 8 B*' 5.67^; 6.60 .. 9.60 S.7B 

11AS 11J8 lUBJLtui -1UK 11 J8 

10.90 11429 U.nj 11.03 11.09 

15,615 14,009. 18W WjWfij 18.121 32^00 
1 19.17 64.08 «j«5 -AMR 115 JH; 169. 14 
UJ219 9^21- IMSSIlAlfc 14.714: 17^1*3 


*"**■ 

BUM 100 tot. to.*! m-. od - 

1 / 7 / 36 , Gold Mtoea W/9/56- SE ActreiW 

UW todiM 01-246 SOB. ; 


HIGHS AND LOWS 


S.E, A^lWmr 



Govt. Secs... 


. Fixed tot-.J 69.74 
; (2i4J 

Ind.ord 


-l 


879.8 

i3*n \ 


Gold Mines..; 302.0 
l l*/J> 



_DsOfr 

127.4 49.18 “ 

, (S/1/5&1 1 (5/1/762 

. 150/4 ‘ 60,53 . — , — 

,(5«/fr«» - * 

. 569.9 | 43(5 
(23/5/81; (26l 10/71)! 


17BA 



NEW HIGHS AND LOWS FOR 1982 


Th* toilawfna aneations In the Share 

Infennetion Senrtec yntertn eus/ned nev 

Hiuta end Lorn tor 1912. 

NEW HIGHS (IS)’ 

AMERICANS (4) 

sranmrtdc emcorp 

ChOMbnuigh LtNiUlJru Land 

. amuMHcs m 
Mbcconcreta Rubwrad 

CHEMICALS Cl) 

Coatee Bros. A N-V 

ELECTRICALS H> 

Motorola 

uteiNneHa Hi 
Beaufort! . Senior t n». 

INDUSTTUALS ft) 
st. Geofse's Grain 

INSURANCE (1> 

Trawelere . 

TEXTILES Cl) 

IKlnsworth Morm 

TRUSTS (1) 


Gen. * CoranwejSl 

Metramar Mints • 

NEWtowsaoiy 

AMERICANS. 

BANKS CS ■ 
BUILDINGS Cft 
CHEMIC ALS CO . . 
DRAPERY '* STORES C5> 

^ELECTRICALS (2) _ 

encbineeri no till . 

FOODS (22 
HOTELS 03. • ’ 

INDUSTRIALS «X1> - 
INSURANCE CM . 
MOTORS (to- 

paper m - 
PROPERTY (12) . 
TEXTILES •«» ' 
TRUSTS (21) 

OIL A GAS CSV - 


ACTIVE STOCKS ' - 

Above average -activity was noted In the following stocks jBStsniay 



.Closing 

Day’s 

prit» 

stock . . panes 

Day's 

changa 

Stock 

panes 

change 

Ctosing 

- W 
-11 
-- 1 

BTR 

330 

218 

188 

- 4 
+ 1 
+ 7. 

imperial Group i.™..,. 1 83 - 

LASMO 312 ' 

NatWost Bank 405 

Ba», .... 

Candecca - 

Ca ilsss Caoef - 

178 

280 

+17 

Radis nd . .161- 

-14 

Euro. Farrias — - 

74 

.+ 2 


i+ 5 


THURSDAY’S ACTIVE STOCKS 

. Based on bargains recorded (riS-E. Official ,Ust " ' } 


Thursdays' 
No. of closing 



price 

price 

StocJc . changes panca. 

Euro. Farrias ... 

17 

72 

Grand Mat. _ 

16 

200 

GEC 

15 

792 

Burmah Oil 

14 

.136 

BAT Inds. 

12 

400 

BP 

12 

284 

Cable Wireless 

12 

238 


StucC . . ' ..._ 

Glaxo' 1 

ICI ' 12 

imperial Group 12 
Inter-City 12 

Fasraon Lngmn. . . 12 

LASMO' ...w- -It-- 

NCC fnsrgy — 


■piursdsy'*..- 
No. of closing . 

Dries - pries Day’s 
chsnoas~psnce channo 
1f^.-BS0 - - 2 
312 -* 

93h > 1*i 

« 

323 +8 

323 - -17 
63 - 7 


11 - 


+DAY ACTIVE STOCKS; . 

Baaed on bargain a over the four-day period sndiog Thursday 


Thursday's . 

No.- of dosing Change 
price 


- TTiursday's • 

No. «rf closing Change 


Stuck 

changes 

panes 

weak 

Stock’ . . 


.... 74 

283. 

>17 

BAT Inds. 


62 

590 

+20 

Unilever 

GEC 

.... 56 

792 

-15 

BP 

Shall Trans. 

... 52 

382 

- 2 

Imperial Group 

1C) 

-.. 49 

312 

- 8 

BtCC ... 

RTZ 

.... 49 

413 

+ 4 

LASMO ......... 

Burmah Oil 

... 48 

135 

+ 5 

Carlau.Capsl.,. 


pries . price 


. - 45 

44" 
43 




> 400 
-'80S 
284 

334 

315 
323 . 
.153 


on 

weak 

-IS 
-11 
- 4 

■-.VS 

-22 
w . 9 


OPTIONS 


First Last Lasf Far-: 

Deal- Deal- Declare- Settle* 

tags lugs tlon ment 

April 5 April 26 July IS July 26 
.April 26 May 7 July 29 Aug 9 
May 10 Hay 21 Aug 12 Aug23 
For rote indications see end of 
Share Information Service 
Quiet conditions prevailed ki 


OptkHM. Calls were arranged in 
Town and aiy.Propertie«,rICL, 
Lister, Trident TV A. BP, Fiwt 
National Finance. Bou stead, 
Lasmo, Cantore, Howard Tenens, 
Pennine Conunercial, Gbarter- 
haB, Bowater and Hawley. Puts 
were done in first National 
. finance and Celtic Haven. No 
doubles- were reported. 


1 LONDON 

TRADED OPTIONS t 

1 1 • ' April 16, 

Total Contracts 1571 Calls 963 Puis 608 


1 

.1 


.40 

V i 

Oct. 

, 

Option 


12S 

Vd. 

Clostfis 

trffar 

-•1 

Vol. 

Closing 

offer 

.y pi.. 

Equity 

aloes 

BP (e> 

3 BO 

10 

10 

■"I* 

301 

32 


2B4p 

BP ito 

'5001 

3 

11 

'"14. 

4 

.20 

35 { : 1 

BP tpi 

260 

5 

— . 

6 

— 

10 

BP tpl 

300 

19 

67 

23 


38 

66 

1 

BP fp) 

330 

48 

— * 

47 

1 

63 

- 1 

1 

BP Ip) 

360 

78 

— 

TO 

60 

— • 


v I 

CD CO 

130 

14 

6 

.80 

— 

as 


Hip 1 

Ctl Cn) 

. 140 

. 2 

3 

8 

16 

13 

1- 

M 1 

CU (0) 

160 

1 

. rew 

4 

a 

6 

- • 1 

Cons. GId <c) 

420 

5 

— • 

16 

1 

23 

wla 

£94p 

Cons. Gid ici 

460 

" lia 


6 

— 

" 13 " 

- 5 


Cons. Rid fpV 

380 

3 


12 

" — ' 

- 15 

10 


Cons. Gid ip] 

460 

70 

— 

72 

i 

77 



Ctlda. to 

SO 

• 5 

9 

- 11 

19 

14 

r 5 

OSp 

CtkJa- rc) 

so 

11* 

— 

61b 

7 

11 

— 

797U 

GEC (C) 

.700 

103 

1 

124 

1 - 

: — 

- — .. 

GEC Co) 

750 

62 

. 

80 

'-5- 

- T- ■ 

— 

• w- - 

’ GEC Tc) 

SOO 

12 

22 

. 1 44 

’ 

.65;- 

• • • — • 


GEC to) 

850 

— 2 

.-.6 

SO 

. 1 

37 

re* 


GEC tpi 

750 

2- 

20 

18 

1. 



¥* ' 

GEC to) . 

800 

14 

: .> 

34 

» 

47 

•- — 

fp 

GEC (p) 

850 

57 



72 

. 1 - 

.77 

’ 


Grid Met. Id 

180 

20 

1 

29 


34 

- — . 

188p 

Grid Mat. to) 

200 

6 

10 

15 

52 

BO 

"10 


Grid Met. tol 

230 

2 

—w 

- 6 

4 

10. 



Grid Met, (pi 

.160 

• 

2 

2 

— 

— 



Grid Met. Ip) 

ISO 

i 



‘ 6 

— ' 

6 ; 



Grief Met (p: 

200 

7 

29 

15 

. 19 

IB 

19- 


Grid Met; (pi 

320 

34 

S 

-■80 

• — 

: » 

— 


KM (d ^ 

,260. 

50, 

• a 

60 


. -re." ’ 

■ , 

SOBp 

ICt lo> 

280 

30 

— . 

40 

67 

. toto 


. ICI (o) 

300. 

14 

-. — • 

20 

- 107 

• 40 

."a 

•R 

ICI Id) ; •’ 

530 

a 

16 

- I* 

• ■ 

■ 24 . 

-s 


ICI (p) 

"260 

l 

3 

5. 

‘ — 


■ ‘ ’ 


ICt (p) 

300 

51* 

13 

12 

a— 

. 16 



ICI (p) 

330 

34 

10 

■ 27 

7 

32 

"t : 


ICI - ip) 

360 

54 

— . 

64; 

. 15 

56.. 



Land Bee. (o) 
Mks & Sp. to) 

500 

120 

1 

.24 

a 

10 

2B 

8 

16 


143p 

MKa ASp.lcl 

130 

14 

— 

18 

4 

28. 

— ' 

N 

Mks & Sp. (c! 

140 

6 

10 

13 

a i 

: ; 18 



Mks it SP- IC] 

160 

Hi 


Sis 


94t 

-. a- 


Shall (d) 

330 

33 

9 

52 

— , 

74 

— 

3TOp 

Shell <cl 

360 

24 

16 

35 ■ 

i ' 

" 4Bvl - -P 


Shell ici 

590 

8 

■1' 

22 

...23. 

33 


-" ■». 

Shell ip) 

330 

• 11* 

a 


10 

-86. 


Shaft to) 

-420 

-43 

i * • 

L - 44-1 

■ — 

■ • — 

. . 

PA 



May 

AugUat 

November ‘ 


Barclay* ic) 

; 420 

28. 

10 

' 43 

- 1 


438 p 

Barclay* (p) 

460 

26 

i . A ‘ 

" 30 

- 5 

. .-so. 

•4AM 


Barclays ipi 

500 

65 

— : 

. -70 

• ■ 3- 

W-H 



Imperial (el 

80 

13 

•-, 1 

IB 

- 50. 

16 


. 92p 

Imperial la) 

90 

41g 

1. 35 

104 

■ 32 " 

12 

■ — 



100 

2 

20 

6 

64 

V 


H 

Imperial (p) 

80 


— 

V* 


att 



Imperial Ip) 

90 

4 

2 

■. 5 



— 



100. 

Ota 


10. 

1 

n 

— • 



. 500 

27 

5 

- 40 

— 

. 54 

— 

507p 


330 

» 

39 

.27 

20 

42 



Latmo (c) 

360 

7 

• 4. 

.18 

— • 

30- 

“ - 



300 

-4 - 

99 


- 1 s— . 

bRM ■ 




70 

. 4 

— 

7 

. SO 

■10^ 


tiflp 


SO 

. 1 


V* 

• ■ 

■ • . * . 

X 


Lonrho (p) 

70 

V% 

10 

4 ■ 

. — 

.6 

— - 

2R ( 


• "80 

18 

-6 

: 12 

is 

U 




- so. 

82 

— 

. 22 

14 


— 


p&om - 

IK) 

15- 

V 

' 20 

. — 

w 

— 

ISOp 

PRO (e) 

130 

fi 

9 

-25 

— 

28 

— : 


peo lei . 

140 

.5 

10 

. IQ 


IS 

• - 



360 

20 

14 

- 38 

— 

52 

• -a*. 

573p 

Racaf fa) 

300 

7 

10 

20 

- — 

28 

... a 



3S0 

2 


5 

— 

- 7 

3" 


Raeairp) • 

390 

19 

• 

30 

1 

» 

' — 



420 

49 

- 5 

- 5Q 

— - 

• ’ • 


n 

RTZ IS) 

' 530 

40 

- 

S3 

— 

60 

2 

424p 

RTZ (e) 

460 

■ 6 

10 

18 

11 

*7 

— 

RTZIpj 

430 

16 

87 

26 

. 4 

37 

• 


■ RTZ UN . 
Vul Rf*. tC) . 

460 

42 

.8 

50 

— 

58 

' ' 


55. 

*** 

— 

15 

— 

191| 

- 8 

•49” 

Vaai Rfs. (ca 

40 

91* 

- 

1C 

• 9 

«Ub. - 


• 0s 

=Ofcfl 


mmmm 


P=PUt 
































































































































































m ■< 


yv« 


SHARE §= INFORMATIONjSEKVICE 


^LOANS— Continued 

» TM 

. ^ Financial - -M-* 

100 195>2 


HoeehstDMS 


CWHHcKrlOO 


>34 

9.42 
9.B2 
123 
1215 
9.65 
1353 
1054 
6.04 1130 
1172 13.73 
13.93 13.77 
356 1139 
12.45 13.94 


Antofagasta ray 
Do. 5pc Pref... 


1 

E 


WngAShaxaJp 

Kfesimiort B.L. 


Non Tuft- Ai 5 " 


Scot. flfl. I«L CL 




13.95 
1196 
13.95] 14.03 
1266 13.02 
13.871 13.95 
14 01 


War Loan 3»aicS_ 
Con*.3»anc , 61 Aft. 


iWi 


Hire Purchase, etc. 

28ia 22la Cartel (HUtflM 2W +h 10 * “ j • 

l20*j LIVi Cie B'cre Fr.lOO £VtU -rh gf* 2fl 6J 

48 40 Lnd.Scot.Fin.lft] 41 -1 ZJ3 > ? # 

22 15 **r*»Mm.II* U 85103 

136 130 Pro*. Financial. 126 -Z ” ” 3 « __ 

07*2 10V Sturia Hg^lOP *9' 2 ' jjJ 8 08 III Z3,' 

48 39 Wagon Finance 41 -2 

BEERS, WINES AND SPIRITS 

h is tassasl iK-la&lfflHW 




Ca5ket{S.)l 


i 


tree lull Wtiidey 
Greene King — 


IlJi 


24V | 2Ua 
99ia 
90 

72* 

66*3 

22>i 

9W J 


Hens bVpc 1 98S -6 / 
85 ILeed5l3*2Pc20Qb.. 
8712 


Costain Group 
Do. DeM. ... 


Fairc lough Cons. 
Feb.lntt.lQp_ 


210 

6fi UemhogsSAWO 
73 
U 


65 
30 

.. .16 
68 56 

156 1125 
330 
245 
100 
188 
51 

3 

43 


* 58 

110 Wa 
462 52 

70 


a»a 
82 
13 
18 
122 
12lj 
182 
129 96 

67 46 

55 51 

28*2 25 
“ 35 

40 
27 


Paradise (B) lOp. 
Peters Saves IQp- 
Polly Peck 5p_ 


Rwdicul 5p— 
Reed Austin 'A* 
S&U Store 12*21 


j? 


' * w 


76 
12 
16 
34 27 

26 15 

78 56 

205 
165 
42 25 

99 80 
125 U7 

30 3 

400 
175 
109 
692 
59 
*96 
63 
185 
847 
54 
115 
12Ja 

30 1 19 
21*2 16 

100 I 72 
280 
247 
320 
288 
£121 


Forward Tech-.. 
FuStru Y50— . 


wide liU- — 
Lee Refrig— 
MJtOectHc 
MemeclOp- 




_j§T’ 


America, still the land 

portunity. 


7.9 
9.0 


America is in a period of great 
economic and technological 
transition. Some companies are 
mature, itis true. But thousands of 
others have explosive growth 
prospects. 


1 " fiR4» lT-* 1 i [»- < .4«l| 


Through our London Office 
we place all of our resources and 

extensive experience at the disposal 
of larger individual investors. 

Every investor is treated as an 
individual, with his or her portfolio 




I 


Drexel Burnham Lambert is 
one of America^ foremost . .. . : 

stockbrokers. 

We are large, with more than 
SI billion of funds under 
management, much of it on behalf 
ofmajorcoiporationsand 

institutions. 

We use every available 
research technique to gather . 

information about market trends 


attention. At Drexel Burnham 

Lambert providing the highest • .y 
quality or service is more than a 
promise. It’s part of our tradition. •-./ 
If you would Kkfi to know . 

more aoout Drexel Burnham 
Lambert and how we can help you 
invest successfully and conveniently 
in America, please write to our 
Private Client Department at 
Winchester House, 77 London 
Wall, London EC2 or telephone us 
at 01-628 3200 for an appointment. 


and individual companies. | ^ 

" - i!’ > Drexel Burnham Lambert 


225 
218 
385 
36 21 

140 50 

435 347 
253 170 
110 68 
315, 

*167 
930 
115 
533 
69 50 

53 43 

53 43 

365 31S 
485 415 
129 116 
125 108 
265 
38 
337 
75 


141 |120 


SdwieslGH}. 


\m 


*1 


■ft 


64 

72 
63 
34 

. 295 

a $ 

49 

19 

20 

.» 
74 
£70 

? i 
J. t 
K 




6 
52 
49 
49 
38 
U 
40 
117 
36 
40 
15 

; 16 ] Ley’s Fb«n*i*s 


$ 


PegleMfatt 
Porter Ctad 


Priest (Ben) 


ffiBomesSIm. 
Ratdiffe I nds 


150 
242 
17 
78 
34 
22 
45 
28 
48 
430 

B | 
ss i 
278 20 18 
91 83 

78 70 

173 60 

142 
155 
85 
77 
26 
11 

«■ 


SI 


tei 


• ENGINEERING 
MACHINE TOOLS 

16 l 10 1AI Ind. Prtdi I 10 


m 


14.0 ♦ 7.ffl * 


Tii 


*r, 

irrl 


yrv 


CresujwnirvKb-l Wa 
310 
76 


Dora HMgs. 10p 
Dover Corp. USSL 




m 


9 

£19V 
10*2 

_ 1168 
12.4 I 91 


100 
26 
31 
100 
43 
23 
82 
82 
215 
DU) 139 
6JL 82* 
113 135 
8.8 102 
1U 255 
u 


tri 


me. 


■rs&i 


m 


























































































































































31 




Financial Times Saturday April 17 1982 


JMOUSTR ! A LS— Continued 


m- 

IW' l* 


.f-ISWHI. J- L 


185 ur 
242 187 
295 »5 
88 M 
48 40 

178 135 
1S2 138 
310 255 


I “* l J - I W |tm(fci| P?S is, 
JsrtHfltM-SHte 156 -U|5Q93e *641* u 
MrawriTItw... 195st -1 TT « 54 * 4? S 

MnoaWh/.ei 248 95 23 §5rag 44 § 

Jootfunjufe. 79 125 fl.6 10 J pijJ 146 jm 

KabreiioolOp 46 2J o3 7 9*3 ill m 

KriwrWs.— 160 -10 80 22 7 1 « at 


LEISURE— Continued PROPERTY— Continued INVESTMENT TRUSTS-Cont. 

I Stale | Mu M M IcjSIlVE Pita" ! L»| M: I Wo (*-“] S «ta°l„ | Stat I Pita M 55' IcJs 


TRUSTS-Cont. OIL AND GAS— Continued Ttn/Vli , ..L 

». MSWB M UMBWHI. ' f PgJ5“PS? S 
8 t::| « I » t! *8 f« BS* SI X HTB 1 19 HTJ Wsim,e 


teBratalOp 40 +1 0.0 - 

wfaUse&u 22 — — 

puTVAlOp. .42 2.75 2. 

FutanfUlg... 124 -2 tiOO 2. 

\m 387 6.0 5. 


ri«i- « us j« i i«muunUB i*»*m-*** 


- — 37D 
9.4 6J 354 
115 45 37 1 
2J12.fi 158 


Hew C a i m d u b 5p. I 365 — 

Ml ...... 31 

37 (L23 

137 45 

37* ± = 


-J «-9 - W* 


— - ° 73 59 Eng,&ScbL Inv.. 

£2 31 MJ 29 23 &9.fbUnv.PtrtL 

15 M«*| 77 7 1 Em MAI#*; Deft 

16 « 34.9 l* 129 E^ttyConsTO.. 

— — — 229 210 Oo.DePd5Cta— 

— — — 303 275 Eoulty Inc. 50e.,.. 


162 41 

50j 36 lBK.6Nflm.6t6. 49 

33 23 HKn.Mv.HeMti 32 

9l« 6 LomiHmWy. I0p. «. 

44 36 Longtou bids. .. 40 

42 33 Lomdafa llnlwsl. 42 

95 115 UM&fiMvSQfl 115 


3>% 27 M.Y. Dart. Ifti, 28% 29 

164 105 MVrthy Pb. 2% . 155 -1 7.0 


*5 11 12.2 (UJ) 179 140 

1.75 25 10.9 4? MO 125 

r » 76 

8— — — — SO 36 

1.0 — 3.6 — J7 13 

I® #- 9 W ®3I 42 31 

I® • 100 67 


B2 TQ Matfarianc Gp. 82 4Q 
35 28 Modellan20p.. 34 lb L43 

86 67 MaepftmoofO.) 81 . 42 

b 2 53 Magnolia Grew 59 -1 23 
108 95 Mm. Strip Can. £1 95 .... — 

49 . 41 Martey 41 _ . 2.35 




Mr hp *> 


U 6.o nzu 
IS 74118 
'* 57 6 


OT Mjney 41 225 1_5 Jn su 

36 29 Marling InL lOp . 35 ; ! tO04 30 3.8#*? 

48 33% Marshall L*xy. “A* 45 . 2 78 3 6 8.8 3 8 

88 74 Marshall^ Unlv TO -( Q 3 _ 0 j I 20 

37 28 Martte- Black.... 31 120 


up V&MmT±IK. £108 . . 076% 23 f7i _ ^ 

188 176 Maynards 172xri -2 938 27 7j km 202 

190 - 132 - Mend Btn.CZ „ 346 fioVl LfllojlBR 32 

130 109 Metal Closures . 124x1 ‘ S7 • 66 * 12 

M 1% tetftrecJenJwe 16 +% *L3 Si “ 1 06 


IS 11 Mm toy 11 01 

11 , 7 Do. Deft 8 — — _ _ 

25 17 Mobf'firp.lDp 21 -1 +_ 54 ,*S L3S EJLf.fHW®.). 45 |+1 | 01 I — J 03J - 

£132 £108 M\anla5pcB2-6 014 +3 «% _ M 4 _ P24 |P1axto«(G8)J M5 1-1 85 | 22 8.M-6J 

129 117 Morgan CrutWe . 122 -1 7 5 * 93 * 15 I 9 (YWcTndlerlOpJ 12 | 1 B— | —H — j — 

m % - 1 T H Components 

A mi. M r » d<U Mma rai nw 3SrS ** I.^Z [A-E. _48fe -1 lUliaa 6 J 


0.1 1 - I 13] - 


*121 84 ntey Letavtl Op 98>*o *1 «41 L7 5.9 142 238 

B9 140 SasaKob.20p. 14U th3.73 45 3.7 f9,4) ill j 94 

640 125 Smuebonafe. 33S „... dB.77 — 93 — 92 82 

s a. saw «~-i- - >8 Ih 

s s .8stBB s - - - m 

100 67 rHdYtTVA’Mfc 91 ..... 426 21 6.7 12 142 

S5 115 aabttqOMTSn 215 L 343 

27k lfc Wrtb(J«.)5p. 19t z M0.51 25 3.7125 6? 

93 69 lZettets5p 79 -1 275 3J 5JJ 92 160 

135 

e 

MOTORS, AIRCRAFT TRADES if* 

Motors and Cycles 3*h 

20 1 14 lB.U5(b I 17 SS 

on I m tc— >Z. ua Qi2e — 5^ — 52 

22 +2 — — — — jTn 

145 - +8 010% 4 0.8 t 
30 0.7 41 33 78 ^ 

fS 2 1™ «a hi ♦ £9li 
Commercial Vehicles 22 


59 L8 * 4.4 95 82 Century % 90 +1 28 

TO ... . 236 1.4120 120 75 Certifies. 0500 110 —.. - 

72 434 0.7 9.0 56 36 Chartert*H 5p.. 42 03 

_ 138 t9.45 10 9.8 82 64 CtoUrtnusePet. 73a! -1 0.75 

■£* 229 210 OtDePdSCb.- 210 -2 tI03 10 7.1 £13j E10 DeFrPrtnteB. OO^ Q45 1 

■to — .71 7a 7,r, 303 275 Equity »nc 50p.... 285 lb-75 10 8,4 90 36 Overall Pet NL 46 -1 - 

2% ^ 3.5322 81 72 Estate Duties 72 723 10 4.6 355 125 MlnffOUfl- 130 -5 - 

^'2 f? 18 151* Fit Em. T». 1C8. 16 ...... 270 235 KJo-Qw.A._ 245 ...... - 

tS ne ^ .55 51 ^ &C. EiKotnat. 51 ...... 145 13 4.1 *140 73 KWePetrotan. 98 ..... 055 

134 — fLS 23 19 PJ2 U2 102 Family lnv.TsL„ IBM 6.0 4 8.4 120 67 MMltJMMu 80 -2 — 

91* .... 24.7 Uh 9 FbaCkatate Ah*Is_ Vj 20 17 Credo Pel 10c- 17 - 

iln 135 m Rrst SccL Am. — 220 ...... 4J5 10 5J 36 17 Dorset Res. C$1- 22 ..... - 

“ i- |3 631s 581* Fledgeling Inns.— 62 ...... 218 16 5.0 70 36 Doutrie EasleH- 44 -1 - 


3“ So 13 ^ 581* Fledgeling lnw._ 62 ...... 218 16 5.0 70 

oS " 2 iS-3 681* 57 Foreign A Col 59 -1* 204 LQ 4.9 55 

Hr T a« ^-2 H Z'Z l 17 F.U.C.I.T^R02S). 95 014c 24 5.9 218 

ini ll L 7 f I2 H H3 461* 44 Fidcnim Inc 4* 4.6 U 149 85 

n rt JK H Hffl A 3 Do. Cap. 2ijp-.. St« +U 63 

SL — fi 3 I 2 6.1 19J W* 381* Fundliwalnc- «0 -1* 424 18 15^ 10 

,5® 134 IDS Da. Cap 114 72 


toJ7 2S UilA j 3T iSF r ftTc» 

olr *2' om J ♦ » 67 G-T. Global Rec. £1 

^ t? ~ 376 273 G.T. Japan 

W? 1 X Ic Tn 240 190 

3“ W Pa 125 106 Cen. ConsHduL _ 

^9 1 3.4 1J19J 208 2b5 General Finds... 

~ l % J, H * 285 255 DbCorw.lOp— 

°y8 i7 M P29 187 16b Gen. Investors—. 


5.0 70 36 Doulric Eagletl- 44-1 - — - — 

49 55 52 tScsUadOPfllw. 52 t483 — 23 — 

5.9 218 155 K&tborthSets. 158 +1 0J5 - fU — 

49 85 45 H£jTMffl4te_ 70 — — — — 

- 63 32 to^Cspiulia# 45+3 

52 10 8 H6m?r Seats Kfc- ? ...... — — — — 


sv, - - - 63 32 E»*C*iuil2!* 45 

40 -1* 424 1.815^ 10 8 RatnySeatslOp. 9 

314 _ — — 72 60 Falmouth Petfl. 65 

74 -1 20.75 — 1.4 190 100 Flair Res 335 

273 -7 t43 U 24 110 70 iFtotrfWlQP. 73 

240 +16 49.35 U 5.7 435 330 f6asi(LAtt25). 375 


- 1-1-14* 


MINES — Continued 


10 77 133 58 (Grana OB NL50e 72 1-2 J — 

L0 43 835 435 buM-to-DSIUn. 705 +15 — — — — 
1 289 <B &9 »Bh.CM. 154 +8 


Central African 


^ 68 56 pen. Scottish U «.Ji 21 * 73 17 9 HafaBBaOl. 10 Z- - - j -1 - ^ 

In T 14J 3J 316 178 148 Ken. Stlridrs. IZljp 148 -2 40 id 3.9 *208 162 HnrtlrnPmnji. 182 b73 4S id 49 120 75 I Faton Rh50c_- 


M a WB 


27V -V 0.01 — — _ 07 

151-1 7% — 64 — 14m- 

133s! +2 7725 L4 7.8 133 1S6* 


— rJ — 87 71 [Glasgow SOritin. 

T. S-a.T-ta IWa 135 Globe Inv. ^ 


15 -3* 025 
356 ..... 738 

425 -5 63 

300 -2 0,0 

•SB tlO-O 

£20 -V 0355 


1491*1135 (Globe Inv. j 1371* -V 73 

256 023 GL North's lw_ 138 +2 6.6 


24 533 U8 114 Greentrak TsC— 114 ..... 4.0 

7 194 172 Greenfrtarlnv— ISO 23 

2- 0 - 21S 164 Gresham Hse 165 +1 335 

H 2M 87 S5 Gresham Inv 84 fM 

3- 7 23.0 HQ 91 Grew Investors.- 97 -1 3.1 


235 11 47 20 16 *ICCMl0p„ 17 ..... — — — 26J 

73 13 7.8 225 168 Imp. Cast- Gas Cl 172- -3 f83 27 63 £BU 

6.6 L0 63 £93>2£7B Os-Vci Or 352000 £74 . — Q8% 126 Mi — 
4.0 23 5.0 200 90 hnmtkNilH2. 146+5 — — — — 


261 33 I ® fWankie Col, 

(HU) 21 1 16 |Zan3pr3BJ 


50c— 90 I 025c 1183207 

LSI. 27 03c Ta 83 

0024J 18 1 — 1—1 — 


I a 13 114 82 fJadsoi Expiry 8U .... 013c — 0.9 - 

— I 32 134 84 KCA tnt 90 +1 53 * 9.0 * 

53 74 55 KCA Drilling — 584 b3.75 27 12 73 


S 99 


97 1-1 3.1 2U 4.6 £502 £490 £508 1 — I — I —1 — { 151 


» r 1 3 A Z te I 93 84 ihtonbres 


an Inv.Tst.l 10Z>* -i* F23 j l_Cj 1.8 I £508 1 £500 BmAa. E dt^jImJ £5tB ] — — — _ 76 163 


Australian 

22 I 10 I ACM 20c. I 14 

7 lArgssyGoMNL 


28V 033 

§ tsj*“ 


SHIPPING 


Ml CSS** H.C.R.4%93f98 £91 . ... 

36 24 Neli&Sp'mwlftj 14 ‘ ! Z 

15 ^ IfeK^utplOp. 321* ..105 

37 30 Norton 35 ifl.6 

HIT* 87V Norow 991* ' 532 

51 31 *j No-Swfft 5p. 32 +1* ZJA 

125 115 Oakvrood Grp 115 663 

32(7 295 Office* Elect-. 315 ” 7.0 

15 11 Drtnslooeiaijc- 13 Q3c 

£7U* £621* Qeaiid Fin Cv._ £71 +11* Q9Si 
128 115 Parker Knoll ‘A*. 125 73 

228 184 Pauls & Writes. 203 '' . 63 

13V 12V Peek HoMlneLu lzi* . 

97 86 Peertess— a— 88 ‘ . 63 


b|.4 5.0 {son " Components 

a 4 ran W I 44 (A.E. 48V -1 24 M 431 6.8 | 

I ♦ — 151 133 * Aerospace Eng. 143 M73 17 7J 10.4 

— — — 85 70 . AbbeySreb.. 72 d2_Q5 43 41 2.7 

3e rJu 2 i 3 Akflmr Stream 20 fill — t — 

!H 4 (2JJ 37 23V Armt’ngEa.lOp 24ai *03 — t — 

u 2? V 56 50 Aufomrtiw — 53 -2 33 — 3.4 — 

— 43 — 28 22 jBWiel Bros. _ 25 — — — — — 

W BJ 7.2 for Dant CofiKL stt A/nerfcus 

“si « 1 PS psa*=Ph = waat* 


7, A* 3 — 285 237 h&tftetaS 

lx Ji M K 2 21 

63 33 45 61 59 43 


U M rornesi— 4— BB ■ 63 24 101 193) jn U 

6f 66 PwIWIOl. 68 “ t!65 48 35 67 53 « 

89 48 PendtM lfl p — 05 — — » 37 

17- 10 PentoslOp 11 *' — — __ _ 1 ** 

80 66 Petroeon 12 Vp- 68 Z0.75 — U — 

29 25 PtuUksP^ems - 26 20 — 55 — 90 72 

475 430 Photo- Me 5Cp.. 4C -5 945 53 11 7.0 30V 9 

300 240 PUklogtMBr.a. 240 -3 103 12 62 53 73 45 

£56 £52 Pitn'y Bowes U,. £52 Q5V% * 30.9 — 69 { 61 

I? Rastje Conri^lflp. j 25 .-dll 11 10.7 QU 

IS 10B2) « I 34 


•9 PtoUgrun 5p^. 6V<r ' 0 01 — 

59 54 PoJytnark lOpI 59# " 3.7 2J 


542 503 Portah 522 -1 14.0 * 3.9 * 112 105 

262 218 Powefl Duff. SOp. 218 -4 14.25 20 9 J (631 88 75 

76 63 Pm{Wx)GitltL 66 ...tg£76 24 60 ai 334 lie 

168 124 Prestige Greug. 168 688 21 58 7 9 34 27 

971* 77 PrildardSw- TO +1 h2.5 13 4.619^ 96 79 


51V 42 I2F.D. Grtnsil4>t « 


54J* 51V Miant Metal-} 51V 1 ... 3.0 


2.8 14^ 8.d 


1192 # 3 


174 Rank Org. 176 -2 10.8 

246 Reddtt&Cotaan 274 93 

U4V Redfeam GVs. 146 -2 6 28 


31 rZ7 Reed Exec 28 (U - 


Reed lntt£l— 268 ..... 13.0 3.4 6.9 44 U9 95 
fietyon PBWS - 102d 525 *1 7.« * I 33 30V 


n & A s 

— 83 73 

_ 90 B1 

44 U9 95 


159 Renown Inc. Y50J 159 .... 025 
83 (fcnwlcfc Croup. I 84 ^1 — 


96 76 Restroor 92 


23 17 Rexmore 191 

SB [424 I Ricardo ] 480) 

For RHey Leisure 
17 110 lltackDBriraiOpI 12 

82 52 flock«are-..7D 71 


5J> 

tLO 

83 


14 — 60 40 

Ut, ^ S 

12 10 


£ iS 

207 95 Do. ‘A’.. 


&HobaB]p.[ 45 I 13 


-2 I 21 I *_} 4j! ♦ S 


IUQ I M33 1 


11 7 to*rW2(*i_ 8 +1 02 — 

26 a Rowan&Boden 21 0.5 - 

195 160 Royal Wores— 183 83 * 

147 132 Russefl{A.)10p. 132 -3- 16125 66 

17 12V Ryan(L)5p — 14V -V - - 

'116 86 SLGmrtfeU* 116 +S D4.0 2.4 

22S 184 Sale TUriey 215M 1.0 3.4 

64 44 SnhntN6.10p. 58 ..... tL93 21 


49 .91. 2 « 

53 53 « 77 

6J 53 60 54 

11 _ 27 24 


FfightRefoeiliBg. 243 -2 4315 33 2^13.0 
HraLSaritbUto. 21 05 121 3.4 31 

46 bL36 24 42 113 

Lucas Irtfc. £1. 187tf 11 0 16 S.4 f9J] 

Saitx (UK) A50p 36 01 — 0.4 — 

Supra Groop JOp 43 ...... 2JJ- * 62 * 

[Woodhead ( Jj - j 33 01 — QjR — c 

i Distributors ^ 

87 -1 413 | 19! 68OTJ1 « 65 

9 _ | I _ TiTri 83 75 

45 -1 01.1— J03J— » « 

63 50 1 03|2L3i(SJ) 64 49 

see nckisWafs 53 42 

13 Z0.1 — 13 — 6* .‘M 

40-1 — — — - 29VUV 

, 12 dS35 32 71 61 ,60 « 

BriL Car Aucl lOp [ 86 135 19 5.9123 I 33 1® 

18-2 43 — 5.4 — 66 45 

28V <H6 03 8i Ml 

83 |40 25 6.9 8.4 

« -T 20 49 A4 50 ^ u „ 

26 — 05 * 28 * 07 340 

83 31 * 55 * *2 c 

S T-fl a« i | 
I = $4 - ,1 = II 

fcT S iJSiSS 1 1 

06* +r 7.0 23 9.4(321 175 P" 

47 -1 335 24117 40 

10 — — — — 

8# ..... — — ~ - 

01 +2 35 21 S O 9.9 202 033 

40-1 145 ~ 53 — 73 54 

78 -1 125 163 23 27 44 35 
60 ..... - 84 71 

27 — — — . m. 



402 U3L5 3.71 43 61 ^ 

220 £5 — 31 — t?? ™ 

= * “ n 

95 6.0 35 9.0 35 £ 

#* = « SH“ 

Jg uuuuugjig 

319 +3 9.0 qL8 112Q.9) JS 

131+5 8.0 U SJ&iffl ^ 44’ 

115 315 7.1 22 6J S Jl 

92- 175 71 2.7 5.4 S 2 

98 75 2810.5 44 T |i ,R 

£30V — 030c - lit- ^ 


221 3.ymn 138 120 HlU(Pttim) 328 -1 6.1 

flPfl 156 126 independent Inv. . 128 D.5 

— I — I— 81V 70 Industrial &Gea. 72 -1 3.0 

114 92 Intoratl Inv 93d -Z NslO 

292 242 Inv. in Success ' 242 -1 5.04 

123 102 Investors' Cm . 102 -1 315 

171 tm 26 17V Japan AssefiZOp. 17V — — 

2-S u 144 108 JanflneSec.HKJ5. 120 -2 08ffl ; 

7 ~Z 158 137 Jersey Gen. a__ 153 tQlO. 

* “ * 79 72 Jos Hofeflngs 73 3.43 

Tr 7n Tq 44V 40 Jove Inv. Inc. lOp 4CM — 45 

“ : % ft & = w 

r, 7, 224 Z92 Keystone Inv. 50p 200 hOJ? 

” “ u 158 132 like View Irw — 132 -2 335 

- T* “ 75 69 Lanc&LoA Inv.. 70 -1 258 

7a -ill tcdi 166 142 Law Debenture^. 351 -2 85 


85 -1 h3.0 1 J 5.0 423 260 LAS MO 312a! -II 10.0 7.1 4.6 (3.4] 167 

128 -1 6.1 15 6J CBn, £95V ua»H%lWM3L £100 +V 014% 115 14.0 — 37 

128 D.5 15 05 950 760 LASMD*fl|S'10p. 775«tl -25 155.89 — 28.7 — 16 10 

72 -1 3.0 U 6,0 280 105 Msgeflao Pet _ 120 .... — — 56 22 

93*f -Z Hs2Jt 10 3.1 12V 6 IfantMeaislOc. 8 — — — — 23 10 

242 -1 5.04 06 3.0 US 65 HJfc&oPeLlfo. 95 — . — — — 27 14 

102 -1 315 ID 4.4 135 55 Mgeirie (H AXL2S 64 ..._ Q2Vc 35 23122 23 14 

17V — — — no 17 ttfiAorxy Firth. 17-6 — 368 

120 -2 QBfflx A 65 U2 58 NCC Energy Uk>. 63 dL75 — 41 — 10 

153 10105 10 6.9 43 27 . HbmCxrtttL^. 28 ..... 10 15 5J Qi« 63 

73 3.43 U 65 £36V £27 Norsk H. Kr 100. £29V -A* G£Q4% * 45 * 170 

4tBd 45 * 15.4 160 125 *rtkSaAs»»>- 327 ..... 25 13 19 37.4 32 

5V — — — 210 IA5 MRElOp 187-3 — — — 133 22 

13 039 * 4.4 27V 83* OffshorelOc — 13V — — — — 30 

200 W54 12 6.9 70 3$ OMo Resources. 37 . — — — — — 9V 


n £17%07Al«aidStiq.BesJp 

42 37 Leda InvJnc^Cp 37 4.48 

57 46 Do. Cap. 5p 55 ..... — 

i; 97 88 Um. AGarrbc 88 ..... 4.75 

44 121 114 Lon. &GarL50p- 115 15 

” 172 138 LntJn. & Holynjod 153 65 

48V 40V Loa & Lennox 42 19 

111 96 Lon. & Lomsnd_t. 99 -1 4.D 

124 93 Lon. & Montrose. US — 

75 177 132 Loa&Prw 166 — 


55 ..... — 
88 ..... 4.75 
US 15 


SHOES AND LEATHERS 

72al| I iSJM | 161 10 J 



07% 43 I — n — [ 105 50 

37 4.48 1W173 205 90 


99 -1 4.0 IS 55 130 


110 102 (Lon. Prudential.. I KB I 4.85 


TO .... 625 0JB1L4 (ISffl UO 102 Lon. Prodertla 
48 I! 125 33775(73) « 70 Un.&S;cty^ 


64 4.75 * 

45 3.78 11 

60 ..... 4J) 2^ 

Si ± gf i 
^ :i li y 


hi 9 a BOV 71 London Trust 

1127 65 M J! ib»tand!iw__> 
9.9 5 5 228 


90 ..... 455 


SOUTH AFRICANS 


£14 970 
437 340 
66 48 

630 255 
875 640 
230 200 
212 165 
900 570 
175 110 



11 t 03,91 265 222 * Do. Cap. lOp 

_ i _ 95 82 DP.afOuilk.10F 

05 33 — 51 40 Do.Cap.4p 

*105 * 88 83 ibiLtMamiai. 

9 9 93 90 HximAdi.sTsLfl. 

80 69 Me! drum Inv , 

62V 53 M eita Ji tB e Inv 

' - 105V 89V Merchant* Tst._. 

25(14.7 33 59 50 UEdWynd liw-TtL. 

32 8.4 3.9 77V 67 Monks Invest 

2.9 93 3.7 62 53 Mont Baton lOp 

22135 3.6 16 13 Do. Warrants 

2.4 i 24 156 146 Moorgalelnv.Ta.. 
19 85 62 79 63 Moo/side Trust__ 

4.0 120 22 82 69 Murray Caiedonton. 

15 7.4 9.0 77 65 Do“fr" 


ltGtkMlac.Sfe.] 222 +1 [2125 1K136 1 52 45V Do.7%Pf. 


6.9 70 35 DWo Resources. 37 — — — — 0V 

42 38 32 B& to Prod HUE_ 38 ..... sQAc — 62 — 300 

5.9 4V 3 Do.PMPdm02 4 +V sQd.4c — 55 — 14 

75 UO 60 Orbit 95 *- — 190 

_ 105 50 aOspreyP«_ 60 44 

175 205 90 Pamser ResJI- 90 -5 *— — - — 23 

— 44 30 Penh* Res 30 — — — — 10 

7.7 116 85 «VLPeL£l. 90 .... — — - — 190 

19 56 38 Premier Cons. 5p 40-1 — — — — 57 

55 422 240 Ranger MB 326 -U — — - — 8 

65 09% 05% Itoyd Datdi FU0. 09% Q75% * 8.4 * 38 

55 130 7D lilhLUSBflL 80 — - - - 30 

— 162 116 SASOLR2 141 +1 1Q20c 2.4 8.4 52 160 

— 410 225 Santos A0 l2Sc. 270 . — Q 6c * 13 * *84 

6.6 70 35 ftouStr EVpfl. 38 +1 — — 123 

45 573 249 Sceptre Resjfl 279 +12 — — — — 90 

6.9 19 10 StaeldetwPeL. 11 ..... * — - 98 

6.9 400 334 Shed Trans. Reg- 378al -4 205 &2 7.7 (6.7) 150 

56 52 45V Dtx.7%Pf £L 51 4.9% * 13.7 - 62 


_ 162 
_ 410 

6.6 70 

46 573 


6.9 | 400 334 


- I —I — 198 170 ISitkotene. 188 6.0 


8 ::::: “ if” *8 PS 


up rs 

i 4.71126 352 


83 Mm.6Metrw !».. 87VP ...... Z25 9.7 3 3 M 18 

90 ktetre Adi. STsL £1 . 90 210 125 

69 Mel drum Irw 76 -1 3.45 L8 65 240 140 

53 Mercantile lnv_. 53 -2 26 10 73 79 61 

59V Merchants Tsl 924 -2 4.15 * 6.4 £60 £50 

50 MtdWyndliw.TsL. 50 -1 ML7 - 4.9 157 122 

67 Monks Invest 67 2.4 IJ 5.1 125 55 

53 MonL Baton lOp 56 +1 125 * 32 23b 170 

13 Do. Warrants 35 — _ _ 497 335 

46 fctocrjale Inv. Ta 155 t7.3 10 6.7 68 32 


4.7 72 61 iM^n* Clydesdale _ 

6.6 65 57 Do. B _Z—_Z. 


50 -1 ML7 — 4.9 157 122 T&erEiurga 

67 2.4 li 5.1 125 55 IriBaslaRe 

56 +1 125 * 3.2 236 170 mcwint— 

35 — — — 497 335 UKrarar_ 

155 ..... t7.3 10 6.7 68 32 Warrior Res. 

63 -1 35 10 7.9 25 17 UfcetoAitfL 

W -V H4.0 B.9 7.7 295 175 Weeks (mb] 

71 — — — 305 375 DB.K(A*oJ 


+Sorereispi M . 295 ..... — — — — 31V 

tjasaftufWg. 35 _ — _ _ 273 

Strata OB 28 205 

Sunmask Pet — 185 ..... — — — — 56 

MBS f J: = = i S 

Texaco 4%>Cnr. £%d ..... Q4%% — f9.4 — 65 

Tter Energyfl- 135 — 11 

Trf Basin Resell. 80+5 — — — — 50 

Trtewtm M4 +2 8.4 «U M U Ml . 

Ultramar 38fed +2 136 q4.8 4.9 4.9 34 16 


iorRes.B- 36 -1 — — — — 
sAust. — 21 I — _ _ _ 


65r gQZDe 23 46 

74 -2 QbVc L2 5.4 

163 +1 05c - t8 

12 :::::: n — i 

35 -2 - — 

22 - - - 

17 - - — 

36 — — — 

200 Q32VC 0.9 9.9 

« * H Q6c L9 82 

336 25 32 26 

J6-1 — — — 

15 — — — 

31 — — — 

4 — — — 

72+2 — — — 

12 — — — 

142 — — - 

18+1 Q3c 17 100 

23+2 

6 — — — 

367 +1 lQ5c * 18 

14 +2 — — — 

17 ~ - — 

12V — — — 

116 ..... «18c 18 * 

Wr -1 — — — 

67 -3 1Q6l*c 19 5.9 

35 — — — 

60 - - — 

93 ...... - - — 

40 ..... ♦— 

278 .... 4015c - 4 

18V +1 ■ — — — 

148 -2 205c - 25 

130 — 

47 — — — 

14 -1 

28 ...... — — — 

*7-3 

5+1 — — — 

10 ..... 

216 -3 4014c 16 X 

§ _r z : Z\ 


lAxray Giendevon . 


= TEXTILES I " 

49 2g pg UlfWTextJle_llW=[-2 t6 9| 31! 521 9.4 B 74 SSrtC 

— 73 [ 54 lAtkhsBnas. I 71 -1 t4.65 2Jj 9.4l 7JI 475 250 NegrtS-ASUSL 

47 J5 35 Z&5 J] l3 - 104 75 Sei^ bK.Ta.50p . 

— 84 71 teectoBiXlOpJ 81 . — 5.73 lalO.flnLD afl 55 New Dvieo OB Ta. 


71 — 

63 L73 

59 ...„ - 

134 +1 2.7 

75 +1 185 

71 _ 

82 -1 25 


3.9 75 40 
- I 78 42 


s{rnddlDc 380 _ ___ 

PtCASilOt 185 QL92I — J UDI — 


t Pet. IJ. 50 
>A50c.J 45 


_ _ _ —11V 7 

1 _ 255 200 


140 95 

12 10 


- 104 75 MwAKbK.TB.5Dp. 

PU) 80 | 55 JNewOvienOSTiL 
-7 For Newmarket Co. 


Murray Western B. 79 — — _ ! 

NegKS.A$USl. 475 Q13c — 15 |1 


OVERSEAS TRADERS 


to r::::i so.is 1 7j| oj 

see Finance Land 1 jll? 


'116 86 Si.Gwgrt6p.lM U6 +f 04.0 24 

22S 184 SateTUney 215al 8.0 3.4 

64 44 SwhntN&lDp. 58 ..... t!93 21 
54 38 SangmGrp.— 48 ..... — - 

162 137 Scana Group.... Z37 -2 1&55 30 

£29 £22% ScmunAeigerSt £25% -% Q80c - 

105 K Scotcm « -l 552 14 

321* 30 ScoL Heritable. 30 25 15 

66 53% Sears Hldgs — 611*.... 23 23 

230 182 Sector Gp.„ 205 178 55 

227 180 Do. *A’ M-V „ 200 178 55 


i -1 552 

iv .= n 


Security Services 225 

Do. ‘A H-V .. 220 ..... 3J> 3.1 

SftarnaWare20p 137 147 * 

9AwGniw5« 156 -4" Si? 2* 
Siebe Gorman.. 166 ..... 725 23 

ziii 
SSSSSH:'S ■’•STm Is S 

(SmitiiANealLlOp UU ...... 4.0 28 


I 178 

L~. 178 


318 88 

38 35- 


5S?II«S »» 

4H1Z2 Z“ 1TS 

_n“r 92 72 

64 54 1“ 86 

53 _ .85 78 

9jldU 1 218 200 
ilUnSlM m 
saScB 193 165 
lp$ 408 3% 
1328.4 I 97 91 

96 80 

202U 143 

3J1 • I® 128 
*2 f 9 63 55 

On m I 88 78 

83*631 310 267 
7^1260 • 245 
73 4.4 162 132 
S3_ U5 » 
53 99 333- 171 
sMs u? 95 


NEWSPAPERS, PUBLISHERS 8 


*eH»andji a saw a 


38 24 Sd ic. Law 20p . I 29 - 

28 18 Somie 10 18 


H >8 

95 77 




fflS-S 


-5 125 

*2.0 

6.0 


_T _ «0 415 

(jd 1 175 155 

b^Mii 42 38 


425 125 

208 1D.4 

73 5J8 

105 35 

83 ..... 20 

215 fltO 

2403d 75 

1803d 75 

408 ..... 305 
93 ..... 35 

iS -si 

■a 

|eS 

i IS* 

145 ..... 110 

«5 8.0 

155 120 

38 125 


H -J” “I” « 71 BedmanA.yy. 81 — 5.73 12 10.4 OLD 80 55 NewDvieaOBTst 78 | s0.15 1 7J] OJ JW 1^ 

—I — ! — I H — 9V 9V BhCkvreod Mart. 9Vjt — — — — For Newmarket Co. 1931 see Nonce Land 138 119 

52% 45 Brit Mohair.— sT 4.0 * 122 * 20V 38 New Hmg. Inc_ Sv ™ 25 L3J154 18 12 

48 39 Bui8WrL‘ra6.20p. 42 -1 3J2 13130[72) m 192 Do.to^ll_I 192 II _ _ _ 113 60 

ioi irurnp 25 19 Carpets h* SOp _ 19V — — — — 35% 22% Do. New Wrrts. . 22% — _ — 160 140 

JBLISHERS Ifa 12 Canri»iyiye!b 12V - - - - 128 9B New Tokyo ln».50p 98 -1 104 64 

66 5B Coats Patons — 64 « 24 8. 53) 93 78 Invest 89 4.4 U 7.1 JM ^ 

if, 48 32% Crarah 43%M -V 29 15 95 015 144 128 Ntfc Atlantic Set 12?! -3 HP.75 _ 91 £34 £31 


51 g 

'Ufl <73 

118 a 


IS 


<slrt.50pJ 19V I — 

gtnViydka j 12% — 

; Patera— 1 64 45 


32% fcwah 431JM -% 29 

73 Courtadds 84 +1 ttO 

£67% Do. 7% Deb 82/7 £71% “ 


20 ICrowther (JJ _ I 22 I 1 — - -J - 


146 Ill7 Dawson Inti 117 165 


19 btfMWWe? 


COtnritO — 1 110 I-— I j 0.4112.91 - 69 60 


7* 83 f76 Ofl&taoc. Iuv_ 


27 +2 15 « M « 1 176 


24 FosterJJohnJ- 24 OJ — J 3-ffl — 89 68 PrenraMetATB- 


59 41 His _ .. .. 

73 IB irganrthlL2Dp 23 +% XtO 17 6J BIS 148 123 

16 12 Do.'A’ 2Qp — 35% -V IO0 17 97(7.8) 128 109 

24 19 Ingram (HJlOp. 19 — — £47% £43 

86 65 JeroueiHIdgO- #1 323 f 5.1 f 470 425 

88 69 Leeds Dyers — 83 -1 43J t8 6D13J £46% £40 

37 28 Utter 28-1 0J — 05 — 46D 400 

79 71 Lytes [S.}2flp_ 7Z% LZ 15123 U 129 120 

55 43 Mackay Hugh. 52M ..... 45 U 1L0(72) 58 52 

31% 23 Martin (A.) 20p 30 +1 0.1 — OJ - 148 126 

101 75 MMJer(FJlQp. 9b +1 1X2 3J 3 3 12.4 hr 99 

52 40 Montfort 49-1 LO — 29 — 164 155 

29 20 MontonBmlDp. 27V- — R5 t3 23X1 82 147 131 

174 125 Notts. Manfa_. 166 +1 43 17 41 8-7 263 245 

88 76 Nora Jersey 2 D|l. 82 T45 3.4 71 42 90 77 

44 37 Raridajif'A' 40 -1 17 031X2 — 142 125 

32 24 RenaneeKidta* 24 154 LI 97 W3 204 180 

24 15 Rfchat*10p._ 19V -1 L45 14106— 169 149 

79 63 S.E.E.T. 20p._ 63 - - tXO 5i LB 2J U2 95 

25 20 Scott Robertson 21 — *1.53 — t — 100 88 

Z3V 15V SetershiLlOpL 16 raOX — 0.9 — 89 79 

•Z3 13 StewittertaHb 14 59 47 

Iff, U Shaw Carpets U*. UV *2.0 — t - 257 226 


IBIomZDP. 38 35 22(112 45 380 

ngP*st.50pJ 76 6.0 U 1X310J 174 

uns | 51 338 21 30J3 56 59 

23 +V KLO 17 62 DIB 148 

15V -% KLD 17 92(7.8) 12 S 

19 — — — — £47% 

81 ..... 123 * 5.9 ♦_ 470 


DOu New Writs.. 22% 140 

New Tokyo lmr.50p 98-1 _ _ _ 104 64 

1928 Invest 89 4.4 U 7.1 JM 

Nth. Atlantic Sec. 128 -3 H275 _ 31 £34 D1 

Nth. BriL Canadian. 118 43 U 5.8 782 562 

Nttm. Anmrkau_ 132 -1 5.0 LO 14 344 265 

Northern Secs A— 228 -4 4.4 U 28 25 17 

Oil & Assoc. Imr_ 77-1 3J U tJ ?9 69 

OuWlchlrw 60 -1 s221 L2 5J » .39% 

Pettfland Inv. 161 635 L8 56 IX £23 

Predcns Met* Ti_ 80 — _ _ 46 3t> 

R!T50p 368 1+1 6tlX5 La| 52 g g 


log Grove— ] 84 I. .40 


ZOO (bMptCKMMil 
92 (stag FurnKuw. 


PWU....J 30 ...... 001 

hMM.{diin%| ztn 


Fireworks. I 86 


PAPER, PRINTING 
ADVERTISING 


Hod.— ( 37 + 


-i ¥ =Lto f 


LtaJMOc - 


m s 

_ 41 


z:«i nm a 


99 63 StetMWfl Hk»c_ 63 J85 8 2 

114 - 97 3t*M*Serv.Zfe 307 -1 t2J 14 3 

43 29 SrtcHff* Speak. 32 rj - - - 

£11% £9% SmSABKCMCO £9% 014% * 7 

108% » Swire PK. A 60c 100 -5% QT6c * 7 

MpnS Sriwne 182 -3 d9.0 L5 7 

& *U rafter 5p 4% +% -» ~ - 

107 8? TSLThrealSrnd 203 . — 70 OJ 9 

6 5 rh.TlmnVh.5p. 5 ..... — — - 

■ « 37- nM-Mltotae.. 19 ..... L58 1.4 5 

152 HW TNTAJ0.5O.™ 110 012c 3.t 6-3 1 

M» UX TBHngT.20p..: 135 -1 80 «*{ M7j|?S 

72 58 Tooth«IEW— 71 115 29 70^6.4 73 

« 37% Toy* 371* 163 - 6 

121 M rrafatgprH. 20p. U7 12 24 7 

W 64 Transport Dev.. 7W ..... 4Z L4 t 

105 ISO PTridnCanplOp- 180 SJ 1 

H 47 Triefra 47 ...... (2.88 27 

ICO 58 TinerANtw. £L 61% +1% JO — 7, 


♦ 7 -0 * 
JstiA) j 9 

OJ 9.7 BJ) 

U % * 


H 32 [UKOlidL « g0 2 

670 595 lUrriJew — ■ *00 -5 »J7 * 


23 

172 . J* 

1 * 

— 22 

4 


my m ^ 


» 115 U. Guarantee 5p..l 18 -1 - ! - 


^6 1» United Parcels . 171 tW 30 2.91L6 

3 3 S£TL» S' I! UA 
A m‘ SSS1S.JB a- £r u u u 
i £ f; «£= = 

» 32 Wade Pom. 30p. 36 20 U 7.9 125 

Si- 210* SSdTLW.)^ 20* fbltO 22 6.9 82 

2Z% » 301* +% * 75 ♦ 

450 412 450 100 L9 32205 

69 62 KL ld5 69 <SJ L4 bi 345 

74 medswwd » -i%Jt33 3J| 5j}_56 


^ P* 

« 56 


.Braid fib. 175 I T5.9 

.M A.HKS. 54 1-2 s0_3fc 


I _ XT 30 
29 1L6 415 
X9 5 9 100 n 

6.7™ g g 

U3U g g 

1X5 — 130 82 

29125 2§ 

6.9 85 
76 « 

30 2BJ 
bi 145 

5.9 56 m 1 m 
4J1L9 « L“ 



22 — 03 51 

63 — 24 2i 

30M L25 LI 

tt -1 4.0_ 3U 

88 1*4.03 — 


OJ — 4b0 400 

3-3 6J 129 110 
li (72) 58 52 

05 — 148 126 

3J124 109 99 

2-9 — 164 155 

130 J2 147 131 
4i 8-7 263 245 
7J 42 90 77 

L3i — 142 125 
9-2 (H0 204 180 


380 343 RfT50p 

174 143 Raeburn 

59 34 Rights ftlsi. Cap. 

148 123 RirerAMertZ. 
128 109 Rhcr Plate Def._ 
£47% £42% Rnbeco(te3F150_ 
470 425 Du. Sufa5h% FI5 
£46% £40 RoOncD NV R50_ 


"•E* 

=m 

» §2 


£ ::.n J8 A & 


72 82 |67 

5.9 



24 LI * 601 * 

64 L5 -3 A - 

130 015c * 7J _* 

128 -1 75 L9 8.4(75 

32 ..... 001 

60 -2 L25 L2 XO — 

140 ..... — 

85 +1 $4.17 20 7.0 8J 


630 445 
525 330 
155 155 
24 16 


130 80 

710 I&10 


30 — 450 

— — 330 

7.D 85 200 


135 -3 M . ♦ 9^ * . 1M I 75 


£32 .... 01296 * 

587 28.0 Li 

300 +2 18X5 1> 

69 ~2 90 li 

39% ..... X61 U 

123 .... (70 81 

36 26 Li 

12Sxri 433 9 J 

ISM ..... 433 9i 


30 * UO 100 
6.9 OR 85 70 

8.6 0(2 255 195 



20?“ ZZ *Q135c 8J 

97 — — — 

12 — - - 

445 ' 17.0 L2 55 

400 210 * 75 

155« 4*90 00 ± 

16 05 4.013.4 

90 +5 tQZTVc 00 73 

650 QlOflt * X7 

68 -2 025c LI 80 

31 ..... fi).63 00 t 

298 -5 35 — 17 

26 ..... Q60c * 50 

180 +15 (0310c U ± 

75 gQ15Vc * 5.0 

100 ...ji 35 X7 50 

70 13 * 

200 iQllDc 12 ± 


73 +1 4239 


100 Do-Sefc. Strt R5- 
10 Romney Treats.. 
52 Ros e dknand lnc_ 

2b Do- Cap 

99 Safeguard lnd_ 


-. 4.4 1 0.9i 5.7 ; 


1982 I 

W> tor > 


RUBBERS AND SISALS 


. Andrew Ttt._> 157 




.47 151 ScoLAm.lnv.50pJ 132 ..... 4.4 

*3 Z45 Scot CMes ‘A’ -J 252 ..... 115 

90 77 Scot. EasL lnv» I 7U 3.35 


— 169 Q49 IScoL MorL&TsL 

20 132 f 95 Sent. National-. 


ScnL Northern . 
Scol Ontario— 
Scot. Utd. Inv... 


125 -1 46 

180 g60 

89 145 

84 ...... 315 

47 -1% 16 


70 92 88 

5.9 72 62 

40 75 62 

66 440 370 |CastWWdMb.„ 
U 50 44% ConTPtaidsWSOJ 


31(14) Copper 

81 — 325 p95 iMessinaROJO— I 225 i | Q60c | 52(140 

01 003) 

5^ 23 Miscellaneous 

41 93 40 20 lAngte-Donditen _ 26 -1 — — J — 

5.4 70 16% 13 Burma Mines lOp 16% +% 0.75 01 61 

4 OU 130 35 Colby Res. Corp.. 64+9 — — — 

292 no Cora. Mureh. 30c. 240 Q60c L9131 

8 5% If Explain Gold. 6 ..... — — — 

. 105 65 HltfiwoodRes.-. 70 ....„ — — — 

. 255 165 NorthgateCSL— 200 -5 — — — 

Iry 468 412 R.TX 424 +5 16.0 42L1 51 

•v/Ir 008% £93% DP9WUUa.95aia £98% Q9%% * (91 

>|Crt 20 12 SMdna lnds.CSl. 17 

861 56 44 27 *5outhire*C. 20p. 40 — — — — 


26-1 

16% +% 0.75 0-9 6J 

64 +? 

240 Q60c L9133 

70 ”“J — — — 


b». iru 

M Or Grit 


s3.0 OS b0||5OO 


424 +5 16.0 
£98% Q9%9 

40 """ Z 


Tara Exptn.50.— | 325 |+55( — | — ( — | 


380 -18 s70 I* 26 


53 2% (Grand Central 10p., 

6.4 1£ 140 Harrisos Ifiy. BLJflp 

50 72 61 HHdriands M50c 

X2 52 45 Kuala Xepong MS 


52 1 52 
56 280 


45 KrataKepoagMSl 


47% -V sfll4J 
2h •••— — 

1« s8.0 

70 -1 Q15c 
48 -1 5010c 


NOTES 


72 

— Ualmo otherwto ImBcatad, prices and net dMdemh are in pence and 
7.9 it e awni nM i onune 25 pl Etth a i ed price/riaralnBt rathw and covers are 
52 bmed on latest anal reports and a cc ounts an* where possible, are 
5.0 re stat ed oa Mfyk Agues. P/B are calculated on “net” 


1 12S*d ( — ftbd3J| 3.i 


03 65 50 Smart GTidmas 60 III 

33 1 28 2 (SoH«awR.lQj- 26 


Sec. Alliance TsL 235 -2 J9X5 

Securities T. Sc — 110 4.9 

SriedK*lnv.SUS5. 600 Q25c 


I & » ^vtoLiaop 29 !-% I - 1-1 - 


- 5 2? Spencer (Geo.). I 22 I 01 I - I Q6l - [ 160 


Imr.SQp— 128 ...... 110 L8130 

t Inv 154 -2 N6.75 LO 63 

lnc.3lto— 360 052 LO D6 

Cap-10p- 105 +1 — _ 

. 214 -1 N425 LO 2.9 




M ?5 78 MalakofTMSl— 

4.9 67 48 Malay. Plants. MSI 

56 175 165 RigttbrtselDp-. 
6.4 16 12% li&mJreBa* 

23 


rrin. Smrntra lfk> I 2M 4ftO 2.91 46 I dtaributton basky eanUngi per shm befng cunpoted h prefk after 


82 Q15c 

49 -1 018c 
365 LO 


4.4 tasatloa and arevfleved ACT where applicable; bracketed figures 
80 literate 10 per ram or more iB ff ereoce If rakadated cn “nil" 
0.9 dtaufladioe. Cam are based on “maxanua” detritaibon; thh 


14 | — | — I — I compares gras dvideod costs to profit alter taxation. rrcHKflna 

| ejmcptiml preOs/tases but fnckteogestioBted extern of ofbttlabfc 
ACT. YWds are baud on middle prices, are gross, adjusted to ACT of 


TEAS 

India and Bangladesh 


ACT. Yields are trad on middle prices, are gross, adjusted to ACT of 
30 per ceot and artow for vakw of declared dhtribufioo aul ritfris. 
a “TAP” Slock. 

• HlgtB and Lows rated tte tore beenadJiBted to allow hr rights 
banes ter rate. 

t Interim since instated or resumed- 


S 2 XBSEs f r.: 

J =ff y " s FSffiS. 1 !: s =« 

1 « 25 10 25m 39 31 % Tootri- 36 235 

Szu BmS? S,a 

52tf . — 35 2J 96(60) viwbfw 


imu s 






SIR 140 

109 I 7B"jTorayY50— ) 78 I — 261 4 23.9 124 fifl7 MrowtonZ 

13% [Traffnrd Carpets J 20 H-l -1 h- — 106 101 (Tnr3w«. Inc.. 


87 174 {TranLclasanlc. 
109 I 91 fTritame Invest. 


22 — 

130 140 


7Sh 2J8 0.7 14.4 

334 60 30 75 

105 92 13 12.4 

165 0.91 13 00 


f0t&4cCmP£lWC 316 

[Moron £1 I 293 

(Williamson £2 


rot fisted oa Stock Exchange and company not subjected to 
degree of regtriptfaa as Utd scarifies. 


TO u25 [ L7T 461284 1 

73 ._... 305 I 2.71 7Ji 6.9 | 


19 0.1 I 761 001252 1 440 

1M 8.0 23 71u70) 100 


» -u- - J “J T-, 84 | 73~ [Rothnansl2Vp_| 78 |+I 1 1365 | 3.71 32 

488*1+5 1200 25 5.9 90 ^ 

1 33 | 1U3.0 36 32 125 if 

mISiTj trusts, finance, land » 

r 70 LbiM 2 ^ Investment Trusts 77 

.... K2L2* 23103 60 1982 t I If sri Ms. I l™ ^ 

..... 02 1X8 06 144 Hte to> SWt J Price I - J w b ift 


TOBACCOS 

iTtnds 1403 |+3 Ill90| 


Awnsgf&i JftJri ♦ ^ 


rsssfir-?^ 

Ss w l| 41 Sri Lanka * ^ ^ 

74 £3 S3 «5 P95 N««a 1 39S I 133.3 |0.9|1L9 J 

- 1 30 La 4,7 4 Same Irterioc reduced flmd and/nr reduced earnkra bterated. 


721(70) 1 100 f6B% Imperial 93 -V 73 LflLl 

— J — I 84 I 73 Rtttrats 12%c_ TO +f 1365 X7i 62 


9fl 71 |T net Urw)n„ 
78% 63 (Trnseei Corp 


76 . — M22 
66 -1 295 


w a 


£17% QSLI 

25 02 

415# 60 


379 151 Utd. BriL Secs— 354 -1 7.0 fl.« 6J 
120 102 US Deb. Corp 10W -1 £92 I *1 70 


122 245 U5. A General Tsl 302 

92 78 VBdng Resources. 75 

93 77 IV. Cst& Texas ICfc. 79 


75 -1 1866 
79 L3 


7.0 1610.9 82 

.... *242% 23 103 60 1982 

.... 02 Bi 06144 »* Low 
.... 4.07 25 108 45 

.... *144 — * “ *55 PS 


66 46 

77 651* [wten Inv 

135 115 Yeoman Inv. 

29% fa Norte. & tones _ 


femyss Inv. £1 — 365 200 

li ft too ttoff i 5p. 55 . — 1 0.65 


L3 *31% 
24 , 


797 |+42]Q185c| £91 — 

470 Q50c lXS — 

£25% +% j 075Ocj 36ll5 u 

305 |:Z:| Q15c| bj Tl 


8et O Ert 


99 -1 ±60 
152 -8 X45 
6 405 


_ 51 41 Uita Inv. 

6.4) 1 104 1 89 MIRance Inr... 


r_ 302 
1 . 68 
- 210 


Aberdeen Trust- 139 — 62 

Alisa Inv. 42 4258 

Alliance Inr.— _ 89% ..... 62.7 

Alliance Trust 282 -2 1L25 


otJogCo'sInvXl.l 132 -1 | 60 


65 lAJUfund Inc 


Do. Capital 183 035 I — 1 03 


1982 I 
«* tor| 


R nance. Land, etc. 

State I Pike | + -"| M 


PROPERTY 


M 54 
221 15 


22 ib 

m as 


54 -2 s03fc * 

SKh “ :::::: % § 
SSfer. li :::::: “ - 
Sffl* B ::::: i? =i 


92 1 82 UlTd Loadoc lOp J 83 US' 30 2306.7 64 156 

2W h“ -2 44.4 22 36 17 J VO 129 

ZPj | 23% lArnaL Estates-- 1 23% -1 — — — — «V « 


64 59% Ambrose Ins. Inc. 

93 78 Do. Cap. 

66 57 AmeriranTnal _ 

64 56 American Ttt.’ff 


72 U|16X 215 155 

“ — T. 298 160 


i Home— 1 178 1-2 
I Smrtbers 1 180 -2 


377 300 
68 48 


i(Ga nrge)- [ 1IQ 
riev-HadwiI 377 


... 60 
.JtlXTS 


a 2o 

2U 14D 
« 88 


tedfttoAJ 63 — 0.75 L9 
pi Dyn. 5p.| ID |...... cO.75 6J 


ZPj 23% AmaL Estates- 23% -1 — — — — «V « 
84 70 IpgbUetnpaOtBi. 70 +Z05 — 10 — ■ 335 201 

? »&ttsi=0 » i 1 

123 BeSSntPreral 1» 15.75 U 63 203 ^ « 

3°% sseks ! ± n qua s l 

200 174 BradlprdProc... 180 ....- 140 37 32 120 74 65 


« h a- ss s* : m i 

T7 (VH 200 174 BradfonIProp- ISO L.-jl40 J 3 
L7(Sil 94 70V BrittabLand— 81%1+lQ tOJ 114 


J — £314 £256 Da.EpcDw.ZXE £27X -1 012% 

XT/ U3 103 Brixton Estate- 103 ...._ 1515 

33? 108 Cap. & Counties 224 134 

US 125 Cardiff Prop 20p- 135 ..— 16 


INSURANCE 



nsi=iH= 


51% 0U% - 0J-! — l So 

Saf ..... 020% - 23 - fjg 

25 -1 - - - - a 


133 IDS 
135 125 
29 15 

SO 38 
194 173 
368 325 
660 620 


as ...... 00 


DAMQE 194 1T3 -l" IS L9 1 Z2 317 71 

«!!rwa- m- is m s stsb: a ± «. b b» 4 

St = = r ?§ a 3 ::::: W | 

25 -1 — — — — 5837 Control Secs. Uta 37 . $2.76 U Mi OH] 200 

26W +2 16J3 - 8.7 - g 46 C^«2 liS 46 -% fi05 34 2.61X4 224 

£10% ...... QSl-80 — 9.3 — 2.4 11 KnstWStalQp' 12% 005 44 2.9111 85 

132a -2 UJ — 12. — 94 82 Chaim Prep. Gra. 90 b4.9 2,6 70 66 122 

364 -2 150 — 6.0 — 223 161 DaefenCHUted! 17 D -Z IK 40 X2 9.1 378 

13 ...... 110 - in - 224 151 te»0«vCW* IW +29 Uk - « - « 

£98 **1 .0?% — *S — ml 18 Dtret Estate lOp. 20 413 - 8.1 - 


63 40 Do. Cap. 50) — 

123 95 Argo Inv. (5A1)_ 

204 178 Ashdown Inv. 

30 27 Asset Special 

79 65 Atlanta Bart. 10p- 

66 56 Atlantic Assets 

101 85 Atlas Elect 

99 75 BartHrGfffcrdJapW] 

89 71 Bankers’ Inv. 

1B7 152 Berry Trust 

96 84 Blshops^teTst- 

93 76 Border & Site. lDp 

71 51 Smnar Tst 

55 47 Brit Am. & Gen— 

IB 93 British Assets — 

16 24 BnL Entp, Secs. 5p 


jselra.lnc. g 72 I U1362 215 155 lAWcen Hume— 178 -2 t5J 0.* 4.413X7 139 

— f* — ■ I Til T, 298 160 Akrnyd Srmtheri . 180 -2 135 1010.7 7.4 04% 

“"Tn^ir “ .—.225 LlJ S3 a Si Authority l«.20p. 63+3 — rP 

ranTa-'B? 59 ... — — J — 97 70 Borufcood 86+1 — 

^ -1 51 Lg 56 50% fll’-j Britavda Arrow . 42 b) +% L5 * XI * 

« “ 0317J 90 70 Cfcntrrway Trust. 80 LO — X2 — 

^ — rJ T, *46 35 F Energy Rn.1*. 37 -1 gL25 25 46 120 532 

f* 275 EM KWpfttaeatt £64 08% - ax - as% 

nedralnc.- 77 70 US142 195 155 Eoglkte Assoc. . 178 t30 X2 25182 168 

g -=- “ - - 225 172 Exes InL lft: _ 183 «4J 0X6* 862 

nv. ($Al)_ 96 +1 ®D%j 1^ 81 114 jd Ex Lands lCp_ 12% 0-56 Is 7.C 106 £12% 

"■'■5 ^ ~ 3 W 50 za 210 Fashion fi G« l S ji 210 +150 L« t!33 

S 145 115 Harebro Trust- 115 1404 2J 60(6.7) 

a BalLlOp. g ^ 251* 22J* Hampttn Ttt. 5o- 23 -V 

k Assets — 56 «L25| LZ G£ 94 67 Haw Par. S. ST 79 -1 MD2t li 1? 1X9 


Ju lJ 42 MINES 

1 JVg iHKl .Central Rand 

Dia+an DeepRl. 

East Rand Pip. Rl 
Ransfont'r* Est- R 

... L3' LM 24 135 020 BmerAMtH002 
...200 LO 80 m I 94 (West Rand Kl — 

- 0.65 U 17 

j w? 8 H 77 Eastern Rand 

.. LO u 7 Wl 34 Bracken 90c HEM *Q 6 fe 

I 60 Lfl 6J J°0 72 Cons. ModdTe>n5c. 88 ~ 

1 «u» « uo 6 7 East Dagga K1 — 74 — 

. 396 226 ERGO ROJO — 317 fiCOOc 

fr 441 277 Grootriei 25c 387 *2 Ql?7c 

609 447 Kinross R1 52753D8 +8 WUc 

fe.1 ral 126 78 Leslie 65c 97rd g|54c 

fht CV fir’s! P/E 122 80 Mwieuafc R025 . 214 Q53c 

,. 198 116 S. African L4»c_ 171 QWc 

H ?! ,24^ 139 93 Vlakfon»n70c_ 114 ...._ (SSc . 

IS I 10 10.7! 74 £14% £10% Wlntatfhaak Kl— . 02% +% *QflOd 

— — — — 71 40% W»L Nigel 25c— 51 — 


? Same Merits: reduced flnta and/or reduced 
Forecast dhrtdeud; cover an earnings mxtat 


66 -1 12.08 
325 -1 6.76 
29% LO 


45 

II 120 84 

xc 100 72 

63 110 67 

. 396 226 

441 Z77 
609 447 


r Same Merits: reduced final and/nr reduced earninp bteaieiL 
Forecast dhrtdesd; oner on earnings mutated by latest Interim 
statement 

l Coeer allows far eoMcretan of stares not soar rwtdng tar dhddrnds 
or rrteno only far restricted dividend. 

It Cover does not artow far shares which may also rank far dividend at 
5-3 — a tutire rata. No P/E ratio matey pwtdrd, 

3-3} — 0 No par oiue 

30I15J ff Yletalwrad ok — wnpi inti Troaway BH Rate says iwtfangid until 
j — maturftyof Stock, a Tax free, b Figures tosed on prospectus er other 
6.9) 70 ortlctal ettMala. e Crab, d Dividend rare paU or payable on part of 
cwteal cover bared no dividend 00 M capital. 1 Redemption yield, 
f Flat yleM. g Assumed dMdesri and yield, k Assumed dririevd and 
yield after scrip Issue. J Payment from capital souroes. k Kenya. 
+ a Interim tdgber then previous total, w Rights tisue peoCBng. 
— A Eandngs based no prelinitroy Agrees, s Dividend and yield esclnde a 

special payment, t Indicated dividend: cover relates to previous 

* dividend, P/E ratio based on butt annual earofams- u Forecast 
70? dMdeM: erwer based on previous year's earoings. v Tax free uo to SOp 
i IB tte £. X DMdendcareriir excess of 100 times. yOrideodaod yield 
± tesedea merger terns. sDhldndand yield lectade a spadal payment: 
240 Cover does not apply to special payment. A Net dhWeod and yield. 
1*5 B Prefenmes dMdend passed or deferred. C Canadian. E IDmin 
117 Prtoa. F DMdend and yield based on pro spect u s or other 


official estimates 


F DMdend and yield based on pro spect u s or 
tes far 1983-84. 6 Assumed tSvidend and yield 


* pendtao scrip andfar rights tew. H DMdend and yield based on 
- prospec tu s or other official estimates far 1982. K Fibres based on 
mpectra or other offhte estlmaus far 1981-82. M Dhridaod and 
yield breed tm pros pe ctu s or utber ofHctal estimates for 1963. 
. R OvMefld and yield breed on proroectis or other official estimates 
f far 1982^3. P Flgmet breed oo pmpeous or other official estimates 
+ far 1962, 8 Gres. T Flgwa assumed. Z DMdend total ta date. 


Anglo- fnt Div 

Do. Asset Shs. _ 
Angto-ScoL Inv. , 
Arehfcnedes Inc. - 


28 - 

66 LO 

56 WL25 

88 +1 30 

75 - 

85 ...... (X93 

252 17 

85 1*333 

76 2.75- 

66 — 21 
491* 25 

95 +2 144 
151* -% 005 


?■$ 94 67 HawPar.S.: 


; M 3fflj 360 let l» Id. J 
~ 26 25 Investment I 
W 60 45 KSoizik5f- 




L KQ2c 10 
._ 080 14 

_. 4L75 10 


16 32 21 Keltodt5p Z1 (I — I 6-19 

H 28 17 Dp.ComtPrf.5p 37 ...>.029 


Far West Rand 

5Z7 
£36% 
351 
755 


1«L 4Gen. DftL I 133 L...J .50 


132 -2 80S 


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108 +2 Q45c 21(1X1 per want for cash sectsrty 


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London Stack Fvrtwnge Report page 


“faMat banes" and “Rights” Page 28 


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(1X1 1 per unm far each sectsrty 















32 


m 



^Tarmac 

construction 

eni 

Building Managem 

Tel 0902 22431 




FINANCIAL TIMES 


On stream On time 

with 

Capper Neil* 

On site 






1 of 


Saturday April 17 1982 


CM 


PracMPtatMgund 

Conctrucdoh 







MAN IN IDE NEWS 


‘Haig 
needs a 


win badly’ 


BY REGINALD DALE 


IN THE LAST nine days, Mr 
Alexander Haig, the U.S.’s vola- 
tile State Secretary, has flown 
over 26,000 miles— more than 
the circumference of the globe 
— in his bid to defuse the Falk- 
lands crisis by Transatlantic 
shuttle diplomacy. By Thursday, 
when he set off again from 
Washington to Buenos Aires, he 
was already “triple jet-lagged," 
in the only half-joking words of 
one of his aides. 

The readiness of a 57-year-old 
man who has undergone a triple 
heart bypass operation to en- 
dure these enormous strains re- 
flects the importance of the need 
for a solution — not just for 
Washington’s foreign policy in- 
terests but for Mr Haig’s 
personal prestige. **Haig needs 



Alexander Haig 


a win badly," said one senior 
White House official tills week. 

The Falklands dispute is the 
first major foreign policy crisis 
over which Mr Haig has assumed 
unfettered personal control — 
although he reports regularly 
on the talks to President Reagan 
“It’s really his baby and he’s 
revelling in it," said another 
Washington official. 

It was. however, typical of 
the erratic side of Mr Haig’s 
character that the whole mission 
was delayed for half a day by 
his refusal to fly to London in 
an aircraft that had no windows 
and inferior communications 
and sleeping facilities. The 
resulting sniping between Mr 
Haig's State Department and 
the White House has been ex- 
tensively, and damagingly, re- 
ported by the American media 
this week. 

Many times since he assumed 
office 15 months ago, Mr Haig 
has appeared to be walking a 
precarious tightrope over the 
lion’s den of political Washing- 
ton. 

His nervous televised outburst 
— *‘I am in control here"— after 
the attempted assassination of 
Mr Reagan a year ago prompted 
much speculation that he would 
not be long in his job. But he 
has held on. helped in part by 
his ideological proximity (o Mr 
Reagan and. more recently, by 
the resignation of Mr Richard 
Allen as the President's 

Nevertheless. Mr Haig re- 
mains a rather isolated figure at 
State. He is not, like Mr Wein- 
berger. a close friend of Mr 
Reagan. He is disliked by the 
President’s Right-wing backers, 
who regard him as a dove — 
despite his previous experience 
as Supreme Commander of 
Nato— and soft on the trouble- 
some West European allies. 

In some ways. Mr Haig is his 
own worst enemy. There are 
days when he is impressive for 
his fluency and his common 
sense. On other occasions, how- 
ever, he slurs his words as the 
famous incomprehensible “Haig* 
speak" emerges in what seems 
like a virtually uncontrollable 
flour. 

Mr Haig does not like people 
putting it aboirt that he has 
presidential ambitions, although 
few people in Washington 
believe fha-t he does not. As 
Chief of Staff to Richard Nixon 
in the last months of his presi- 
dency. lie acted, in a widely 
used description, as “ surrogate 
president." and there is no 
evidence that he did not 
thoroughly enjoy it. 

His mentor, Mr Kissinger, the 
inventor of shuttle diplomacy, 
gave Mr Haig a rave review in 
the second volume of his 
memoirs, published last month. 
Mr Haig was " strong in crises, 
decisive in judgment, skilful is 
bureaucratic infighting, inde- 
fatigable in his labours." 

He will dearly need oH or 
most of those qualities if he is 
to succeed in Ws latest task. It 
will be an enormous feather in 
his cap if he succeeds, but it 
will not necessarily be the end 
if be fails. Perhaps the best 
compliment one can pay to A1 
ll3ig is that he is the onty 
member of the current U.S. 
A dminis tration one can. envis- 
age having any hope or dance 
of solving the crisis. 


concessions to employers 


BY TERRY OODSWOfiTH M PARIS 


M PIERRE MAUROY, the 
French Prime Minister handed 
out substantial financial conces- 
sions yesterday to employers in 
an effort to stimulate investment 
and win the support of private 
industry. 

The measures, which include 
a pause in the push toward the 
35-hour working week, show a 
Significant shift in the Govern- 
ment’s economic strategy on 
policies advocated by employers. 
At the same time they may 
alienate trade union support 

Their overall effect will be 
to shift some costs formerly 
borne by industry either on to 
the taxpayer or the consumer. • 

Signs that French investment 
has not picked up as hoped in 
the wake of the recent refia- 
tionary boost to consumer 
spending has added urgency to 
the Government plans. These 
indade: 

• Redaction of FFr Him 
(flbn), spread over 1982-83, in 
the “taxe profession neUe,*’ a 

tjT>e of local rate levied on the 
basis of payroll and fixed 
capital. This is expected to cut 
industrial costs by about 10 per 
cent, and will be financed by 
increases in value-added tax and 


levies on the banks. 

• A freeze on the portion of 
social security eharges carried 
by industry until July next year. 
Financing of this change wall be 
through a mixture of economies 
in spending and a gradual 
switch of spending for handi- 
capped people to the central 
budget from the separate social 
security budget 

• A halt to Government- 
enforced reductions in working 
hours until the end of 1983, 
though industry and the unions 
could negotiate deals if they 
wished. 

M Yvon Gattaz, the employers’ 
leader, who recently dismissed 
his meetings with the Prime 
Minister as “ tourist trips,” said 
yesterday that the Government 
had “ made a step ’’ toward 
meeting the demands of 
industry. 

He added that the concessions 
were still insufficient, and 
regretted that more short-term 
measures had not been taken. 

The Government moves 
follow a long campaign by 
M Gattaz for a reduction in 
employers’ tax and social 
security costs. 

He contends that these are 


now far higher than for most 
of France’s trading partners, 
particularly West Germany, and 
that they have risen by about 
FFr 90bn this year as a result 
of higher taxes and the new 
working hours legislation. 

M Gattaz, newly-appointed 
president of the Patronat, the 
employers 1 federation, is 
regarded as a political moder- 
ate. The Government has been 
concerned in recent weeks to 
win his backing. 

The target of a 35*our work- 
ing week by 1985 is still on the 
Government programme. 

But the withdrawal of legis- 
lative backing is a dear con- 
cession to the employers’ con- 
tention that the recent working 
week reduction to 39 hours, 
combined with the grant of a 
fifth holiday week, has led to 
a big increase in industrial 
costs. The Patronat puts the 
increase at around PFr 5Qbn. 
and the Government at 
FFr 12b n. 

This move Is likely to antag- 
onise the Communist-led CGT 
union federation in particular. 
It insists that it is the Govern- 
ment’s responsibility to legislate 
on the working hours issue. 


Print union holds up publication 
of free newspaper for Clydeside 

BY ASLAN PIKE. INDUSTRIAL CORRESPONDENT 


THE Society of Graphical and 
Allied Trades (Sogat) is refus- 
ing to produce a new 300,000- 
circulation free newspaper in 
what may become the biggest 
challenge yet over the impact 
of freesheets on the traditional 
paid-for Press. 

The first editions of the 
weekly Clyde Post— described 
by its owners as the largest 
free newspaper covering a 
single UK city— should have 
appeared in Glasgow this week. 

Production was prevented by 
Sogat action. The union’s 
national executive bas decided to 
continue to boycott the news- 
paper. published by a company 
owned by Thomson Regional 
Newspapers. 

Mr Bill Keys, general secre- 
tary of Sogat, said yesterday: 
“Free newspapers are hitting 
the legitimate provincial Press 
in the same way that the bingo 
war between popular national 
newspapers is threatening the 
future of Fleet Street 
"My executive is taking a 
very strong line of opposition 
to this development. It is time 
to look very closely at the effect 
which free newspapers are 
having on the Press." 


The Sogat executive decided 
to maintain its opposition to the 
Clyde Post in spite of the fact 
that the publishers have said 
they are taking legal advice. 
Sogat is m a strong position to 
hit the project because in Scot- 
land it represents many grades 
of print workers throughout the 
industry. Concern about the 
launch of the Clyde Post 1ms 
also been expressed by the 
National Union of Journalists. 


the Glasgow Herald, Evening 
Times and Sunday Standard, has 
plans for a rival free newspaper 
to the Clyde Post, although this 
is unlikely to appear until the 
dispute over the Thomson pub- 
lication is resolved. Some 
journalists and production wor- 


i pr 

kers at George Outrun fear that 


South of the border, free 
newspapers take a substantial 
proportion of provincial news- 
paper advertising revenue with 
production of at least 15m 
copies a week, although they 
are less developed in Scotland- 
Trade union fears about them 
include the facts that they often 
employ far fewer journalists 
and have much more limited 
news content than traditional 
paid for newspapers, and are 
frequently circulated outside 
the normal distribution system. 

There are also worries that 
they can sometimes force estab- 
lished newspapers out of busi- 
ness, and this concern is 
evident in the Glasgow case. 

George Outram, publisher of 


an advertising war between the 
two freesheets could destroy the 
Evening Times, Glasgow's only 
surviving evening newspaper. 

Executives who have been 
preparing the Clyde Post reject 
the view that their free news- 
paper will siznpiy attract adver- 
tising from elsewhere. They 
say that the vast.majority of ad- 
vertisers who booked space in 
what should have been the first 
issue this week had not adver- 
tised in other local media in 
recent years. 

The Clyde Post is designed 
to have six zoned editions, three 
on either side of the Clyde. 
Each edition will contain local 
editorial and advertising, and 
advertisers will receive dis- 
counts based upon the number 
of zones for which they buy 
space. Distribution of the news- 
paper will be in the hands of 
nearly 1,300 people who will 
deliver it to homes. z 


Continued from Page 1 I Continued from Page 1 


Bank acts 


by the end of the day interest 
rates had come off the top. 

Nevertheless, the average 
Treasury bill rate rose by 
0.4172 to 13.1993 per cent, 
underlining the nervous tone in 
the markets. The seven-day 
inter-bank rate ended the week 
a full percentage point higher 
than a week ago at 13i f fc per 
cent and the three-month inter- 
bank rate moved up to 14 per 
cent — its highest level for a 
month and a half. 

In the foreign exchange mar- 
kets the pound fell to a low of 
$1.7550 at one stage yesterday 
before closing at $1.7610 for a 
net toss of just 10 points on 
the day. Its trade-weighted 
index as measured by the Bank 
of England rose 0.4 to 90.3. 


Elsewhere in the foreign ex- 
change markets the U.S. dollar 
lost ground against the German, 
Swiss and Japanese currencies. 
However, against the French 
Franc it equalled its record high 
of FFr 6.3150. 


Chloride 


The retained depots will 
eventually lose the Chloride 
Gaedor name and will operate 
as Exide Batter}' Services 
within the Chloride Auto- 
motive Batteries’ network. 

The 21 depots will move, 
existing premises being sold 
to help bring the net asset 
value of the total envisaged 
sales by the group to £10.1m 
as a result of the whole 
reorganisation. The complete 
Chloxtde Gaedor chain has an 
asset value of film. 

The parent g r o up estimates 
that the reorganisation will 
produce a loss of £5m. This 
will show up as an extra- 
ordinary item in the results 
for the year to March 31, due 
out early in June. The shares 
closed unchanged at 26p last 
night. 

Last month. Chloride 
threatened legal action after 
BL C/.ts awarded a contract 
for 500,000 batteries a year 
to Lueas, its principal com- 
petitor in the industry. 


Continued from Page 1 

Peace move 


approach is also believed to 
have come from Argentina's 
political parties. Behind the 
public fagade of unity, diplo- 
mats say, there has been much 
equivocation in support for the 
Argentine Govenment’s bard 
line. 

One important factor in the 
softening of fee Argentine 
attitude has been its lack of 
success in gaining international 
support for the military occupa- 
tion of tbe islands. 

The Argentine economy has 
been hit by a panic withdrawal 
of deposits by anxious inves- 
tors. A number of financial in- 
stitutions are reported to be 
close to collapse. 

Sr Roberto Alemann. the 
Argentine Economy Minister, 
was forced to bow to pressure 
from the banks yesterday by 
reducing min imum reserve re- 
quirements and doubling their 
discount margins in a move 
widely expected to undermine 
his Government’s targets on 
money supply. 


IMF allows India early credit 


BY K.K. SHARMA IN NEW DELHI 


THE International Monetary 
Fund has allowed India to make 
an early withdrawal from its 
SDR 5bn three-year credit 
facility to help ease a critical 
shortage of foreign exchange. 

The fund’s executive board', 
has approved the immediate 
withdrawal of a further 
SDR 309m (about $S32m) as the 
third and last instalment of the 
first year’s SDR £9 00 m. 

This -is part erf the three-year 
loan from the extended fund 
facility sanctioned last year, the 
largest in the IMF’s history. 
The SDR is the Composite 
Currency unit used by the IMF 
to denominate its credits. 

The last instalment of this year 
was due to be drawn in June 
bat India’ s sharply deteriorat- 
ing foreign exchange reserves 
forced the government to seek 
earlier. 

The reserves now stand at 
just over Rs 30bn ( about 
98.19m). or the value of 
imports over three months. This 
considered here to be. a 
critical level. 

However, the fact that the 


IMF agreed augurs well for 
drawal augurs well for 
approval of the second year’s 
instalment of tbe loan. This will 
be available from June -19S2 till 
May 1983. during which period 
India can draw another $L8bn, 
if tile IMF executive board 
approves. 

The board will meet in June 
to consider a report from an 
IMF staff team, which is to 
begin talks on Monday with the 
Indian government on the per- 
formance criteria set for the 
loan and on tire management of 
the economy, indications are 
that the IMF team will endorse 
the good report made informally 
after talks were held a couple 
of months ago with a routine 
IMF mission. 

The two main conditions’ for 
the loan were ceilings on the 
rise In money supply and on 
non-concessional external loans. 
The Government has kept well 
within the limits fixed by tbe 
IMF. 

The consultations with the 
IMF next week will be held in 
tbe light of the distinct improve- 


ment in the Indian economy in 
(he past year. Only the balance 
of payments position is causing 
concern, largely because of a 
record trade gap in 1981-82 of 
an estimated Rs 57b n. 

In the past 12 months, tbe 
annual rate of inflation of 
wholesale prices has dropped to 
2 per cent, compared to 16 per 
cent the year before. 

Gross national product 
increased by more than 4 per 
cent because of higher indus- 
trial and agricultural produc- 
tion. Exports are estimated to 
have increased fay 15 per cent, 
but imports rose by about 40 
per cent, largely due to oil 
purchases. 

The IMF should also be 
pleased by the structural adjust- 
ments in the economy in rhe 
past year. These include a con- 
siderable liberalisation oi 
imports of capital goods, raw 
materials and technology, a 
reduction of sitosidies, incen- 
tives for investment and a 
lower budgetary deficit 
fibs Gandhi in Saudi Arabia, 
Page 2 


A 


If 


BSC asked 


to delay 
sale of 
Redpath 


By Maarioe Samuel son 


THE British Steel Corporation 
is being asked to delay by one 
month the sale of Redpath 
Dorman Long, its heavy engin- 
eering subsidiary, to the 
Trafalgar House Group so that 
an alternative plan for RDL's 
purchase by its workforce can 
be fully explored. 

The -appeal to the corporation 
will be node on Monday by 
one of the nine unions repre- 
sented at RDL, after being told 
by its accountants that an 
employee purchase is “ within 
the bounds of . financial 
possibility." 

That was the -advice which, the 
Steel Industry Management 
Association received yesterday 
from the City accountants Peat 
Marwick Mitchell, which said it 
needed a month in which to 
pursue the matter with one of 
the four main clearing banks. 

Mr Frank Collins, tbe associ- 
ation’s national secretary, said 
last night that a month in which 
to determine the feasibility or 
otherwise of an employee pur- 
chase was “really very little 
indeed." By the end of the 
time both BSC and RDL would 
know whether the scheme were 
feasible. If so, he envisaged the 
end product as a company in 
the private sector “maintaining 
RDL’s business expertise, en- 
suring essential competition 
and keping its top level man- 
agement t eam together." 

BSC had a duty to RDL’s em- 
ployees “at least to give the 
alternative a chance,” he said. 

At tbe beginning of April, 
BSC’ announced it had agreed 
to sell RDL for £10m to tbe 
Trafalgar House Group, which 
controls Cleveland Bridge and 
'Engineering. RDL’s {pri ncipal 
competitor in the UK heavy 
steel structures industry. 

The proposed sale, which has 
met strong opposition from the 
RDL workers, is to be discussed 
at York on Wednesday at a 
special union delegates’ 
meeting. 

Unions object to what they 
see as the “give-away" price 
which Trafalgar has offered, 
the apparent monopoly tbe sale 
would create and to the number 
of redundancies — 600-700 in 
the first year — which would 
ensue. 

There have also been claims, 
which BSC has sought to 
counter, that Trafalgar Group’s 
pension rights would be less 
advantageous than those which 
RDL’s manual workers recently 
secured. 

Tbe proposed sale to Trafal- 
gar is being scrutinised by the 
Office of Fair Trading, which is 
expected to decide by the end 
of the month whether to advise 
the Trade Secretary to refer it 
to the Monopolies and Mergers 
Commission. 


Weather 


UK TODAY 

DRY WITH sunny periods, 
cloudy in eastern areas. 
London, Central, Midlands, N. 
N.W. and S.W. England and 
Wales 

Dry, sunny periods. Max 14C 
to 16C (57F to 61F). 

S„ SJS. and NJE. England and 
Channel Islands 
Dry, sunny intervals, cooler 
near coasts. Max 11C to 14C 
(52F to 57F). 

Scotland, N. Ireland, Lake 
District 

Dry, sunny periods. Max 9C 1© 
12C (48F to 54F). 

Outlook: Mainly dry and warm, 
cooler in eastern areas. 


WORLDWIDE 


Ajaccio F 

Y'day 

midday 

•C ®Fi 
IS B9 

Luxmbg. 

S 

Vday 
midday 
■C *F 
13 55 

Algiers S 

17 

63 

Luxor 

s 

35 

95 

Amsdm. S 

13 

55 

Madrid 

F 

IS 

59 

Athens S 

22 

721 

Majorca 

F 

15 

59 

Bahrain 

— 

— 

Malaga 

C 

16 

61 

Bardna. T 

10 

50 

Malta 

C 

18 

64 

Beirut S 

22 

72 

M’chw 

C 

14 

57 

Belfast C 

11 

52 

Mafbna. 



— 

Belgrd, R 

6 

43 

Mx. C.t 


— 

— 

Berfjn F 

14 

57 

Miamit 


— 



Biarritz C 

25 

54 

Milan 

C 

10 

60 

Bmghm. C 

13 

55 

Montri.t 

F 

7 

45 

Blsckpl. F 

12 

E4 

Moscow 

s 

9 

48 

Bards. F 

15 

58 

Munich 

s 

11 

52 

Baulgn. S 

1* 

57 

Nairobi 

c 

25 

77 

Bristol C 

15 

59 

Naples 

c 

18 

61 

Brussels S 

14 

57 1 

Nassau 


— 



BudpsA. S 

13 

55 1 

N’wcsrl. 

C 

8 

46 

Cairo S 

32 

S3 

N Yorkt 





Cardiff C 

16 

61 

Nice 

s 

IS 

59 

Ces'b'cj C 

18 

64. 

Nicosia 

OoorttT 





Cope T. R 

17 

63 

s 

18 

FI 

Chicg.t F 

16 

61 

Oslo 

s 

14 

57 

Cologne C 

15 

S3 

Paris 

s 

16 

61 

Cpnhgn. C 

11 

52. 

Pertfi 

s 

24 

73 

Corfu F 

20 

66 

Prague 

s 

12 

54 

Convert Sn 

0 

32 

Rvkrvk. 

c 

5 

42 

Dubtin . C 

14 

57 

Rhodes 

F 

24 

75 

Dbrvnk. C 

16 

61, 

Bio J’ot 




Ednbgti. C 

13 

55 

Rome 

s 

16 

if 

Faro S 

19 

66 

Ssizbro. 

S’clscof 

s 

13 

55 

Florence C 

14 

57 




Franfch. 8 

IS 

59 

R. Mriti. 



__ 

Funohaf C 

17 

53 1 

Singapr. 

c 

29 

84 

Geneva $ 

11 

52 

STagof 




Gibrttr. C 

16 

61 

Srckhm. 

c 

9 

48 

Gl'sg'w C 

13 

55 

Srraibq. 

s 

14 

57 

G’rnsey S 

12 

54 i 

Kvdnev 




__ 

Helsinki q 

3 

37 

Tancrier 

F 

18 

H 

H. Kong F 

24 

73 1 

Tel Avfv 

s 

22 

72 

Innsbrk, S 

13 

56. 

TenerfJe 

c 

20 

69 

fnvrnss. C 

11 

52 

Tokyo 

s 

21 

7ft 

l.o. Men 


— . 

Trfntot 

F 

£ 

29 

Istanbul R 

10 

50 

Tunis 

C 

17 

F? 

Jersey 3 

14 

57 

1 Valencia C 

16 

fil 

Jo'burg F 

21 

70 

1 VentCB 

c 

14 

£7 

L. Ptrm. C 

20 

68 

Vienna 

s 

13 

55 

Lisbon S 

17 

63 

Warsaw 

s 

10 

50 

Locarno R 

7 

45 

Zurich 

s 

11 

K? 

London C IS 53 1 
C— Cloudy. F— Fair 

■ Fg. -Foo. H— Hail. 

S— SunnY. Slsit. 



, ■ — i mincer. 

T Noon GMT temperature*! 


the lex column 


§■ 




raises 


the roof 


Not even the mast fanciful 
City bookie would have quoted 
odds on Redland as a posable 
winner of the Ca woods cup a 
few days ago. When Ca woods 
announced that it was holding 
merger talks earlier this 
month, it was commonly 
assumed that the holding in 
LASMO would attract a field 
of runners from the energy 
sector. And, even though tbe. 
value of the LASMO stake had 
shrunk to well under half its 
peak, Redland did not look in 
the right wrigbt class for so 
big a prize. 

But LASMO has turned out 
to be a ride issue. Under the 
agreed terms, Ca woods share- 
holders will be able to exchange 
a portion of their equity for 
their company’s 9J. per cent 
holding in LASMO ordinary 
shares. Redland will bear the 
capital gains tax burden up to 
a price of 330p per share, after 
which shareholders foot the 
bilL Both parties are confident 
that the exchange will not be 
treated as a .taxable distribu- 
tion. 

The LASMO element reduces 
the effective value of the pur- 
chase from £ 137in to £117m, on 
last night’s Redland share price 
of 161p, down 14p on the day. 
But this is still quite a mouth- 
ful for a company which had 
net debt equivalent to 43 per 
cent of shareholders’ funds in 
its own balance sheet at the 
end of last month. On Thursday 
night, Redland’s market capital* 
isatdon was £215nL 

So the deal, which is being 
presented as a meager, is being 
done entirely through the issue 
of Redland paper (a partial and 
rather unattractive cash alter- 
native has been provided fay 
underwriters). Assuming that 
Redland can shelter almost all 
the CGT liability on LASMO, the 
dilution of net assets per Share 
will be about 15 per cent 

But the earnings dflntUm 
should be small, even though 
Redland’s profits already look 
set for a decent recovery this 
year. like other recent take- 
overs in the building materials 
sector, this deal carries a sub- 
stantial ACT bonus: Redtond is 
sitting on £20m of unreoovered 
tax. 

Apart from the tax advan- 
tages, the deal makes good 
sense. Cawoods is a mature, 
cash generating company with 
uncertain management succes- 
sion, It brings with it £10m 
of cash, together with £16m of 
leased asset Borrowings will 
fall to 27 per cent of net 
tangible assets in the enlarged 
group. 

Ca woods’ fuel distribution 
division will take Redland into 


Index rose 5.9 to 550.7 


Ranee 


HI 



1001 


-LA 

Shan 

3MO- 

i Axe 




1979 1980 1981 ’82 


a new area, while the concrete- 
and aggregates operations of 
the two groups will make a 
neat geographic fit Their 
combined market share will not 
exceed about 5 per cent in 
either industry, so there is no 
obvious •' competition problem to 
worry.' the Office of Fair Trad- 
ing. But, after the recent flurry 
of takeover activity in ; the 
building materials sector, the 
OFT may want to examine the 
general state of play. 


although the Bank of EngW ■ 
when dealing In very ■sheafe® 
for the first tune ia kWM^ 
fortnight, actually r dropped fy 
intervention .rate (the. mope* 
market yield <mrve has changetl 
shape completely in jq 

days) the City 
windy as the : 'Trewny ’ bffl 
tender approached, -.v 
The Bank took the unusual 
step of cutting down: the tea- 
der, allotting only £6&r of the 
£I0Gm of bills originally oa 
offer. Even so, tbe average 
bill rate rose from aJs p* 
cent to 133 per cent;- Bad fla 
Bank allotted thet foll £100m 
the rate would presumably have 
been a good bit-higher. ! The 
topping of the tender;, was a 
clear enough signal -that the 
authorities saw nol reason' for 
a rise in rates, and - tbe money 
markets ended the day in a 
calmer mood: rumour did The 
rest " - - 



Markets 

For those who think of invest- 
ment as an exact science it is 
tiresome to see the mighty gilt- 
edged market completely in 
thrall to the «bb and flow of 
romour about, events 8,000 
miles away. White to mid-week 
the stories emanating from 
misriuefanakezs in the foreign 
exchange markets were gener- 
ally unfavourable to sterling, by 
yesterday they had begun to 
move the other way, and market 
sentiment moved with Them. - 

Fears feat fee Falklands 
expedition might prove excep- 
tionally costly have tended to 
fee down this week; even £50 0m, 
after, all, is within, fee margin 
of emir fox a. single quarter’s 
government boxrowing. Fears 
of political upheaval have 
receded, for fee moment at 
least as fee Prime Monster’s 
control of the situation seems 
to have become more secure. 

But worries about upward 
pressure on Interest rates trans- 
mitted through the exchange 
rate refuse to fee down, especi- 
ally since dollar interest rates 
have been moving upwards. Yes- 
terday morning interbank rates 
in London moved above 14 per 
cent almost throughout the 
maturity- spectrum. And 


Chloride \ 

Earlier rounds' of retrench- 
ment proved inadequate- it 
.Chloride,.- and yesterday flu 
company announced feat ft was 
pulling out of car reptecaneat 
parts distribution and pBauniag 
to sell 49 .of 'fee 70 depots 
operated by Chloride Gaedor. 
A couple of-yeaxs- eg? Gaedor 
was a lively earnings contribu- 
tor, but the operating loss is 
currently- running at the rale 
of £2m a year. So there is a * 
strong chance that Ghtontde wH i 
obtain . less than fee £10Jjp j 
"book value to a 'xe&off— pea- 1 
aibly to management On top i 
of any diortfidl her*;, fee . 
balance sheet vrill have to bear 
£5m or so in reorganisation 
costs, whadi will be mostiy cash 
Items. .- 

Tbe announcement comes 
bard on fee fceaUt of BL's dgd 7 ' 
swd to switch to stajd* courting' 
for batteries— and Lucas rather 
fean Chloride. fk> much fox Sir. 
Michael Edwaxdef -tijances oi 
returning to Cbforide. In the 
original "equipment market ttie - 
company os now dependent on 
Ford, whidrios been stepping 
up its imports. Meanwhile the 
pick up an the Teptacement soar- V 

V L .4 " J — — rfkg TttMlt 


ket at tbefaegkming of tbe year, 
due to fee bad weather end rail 
dispute, has petered out. end 
price competition is ns tough ® 
ever. • 

So <JMoride?s profits for fee 
year just completed ere likely 
to be negligible, mid set debt 
may have moved backup to 100 
per cent of Shartimidera’ funds, 
in spite of fee rights issue. With 
more disposals on fee cards L the 
purchase of a 15 per cent stoke 
by. CRA is the main bolster ter 
fee shares, imdaangeflyeatenliff 
at 2Gp. • -- 


IP 




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C ' 


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That is what 

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lb: Private Clients Department, 

Laurie, Mittank&Co. Portland House, 72/73 Basingiall Sti«^LondoftKiy5EK 
I would like to know more about your private dient service. , 


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